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Investing.com - Jefferies maintained its Hold rating on Apple (NASDAQ:AAPL), a $3.64 trillion market cap technology giant, with a price target of $205.82 as iPhone 17 delivery lead times show positive demand signals. According to InvestingPro analysis, the stock is currently trading slightly above its Fair Value.
The investment firm reports that iPhone 17 delivery lead times have been rising since pre-orders began on September 12 across six key markets, with most models showing stronger year-over-year demand.
As of September 21, lead times for the iPhone 17 base model, Pro, and Pro Max are higher compared to last year in all tracked markets, with the exception of the Pro Max in the United States, which Jefferies notes is Apple’s largest iPhone market representing 33% of global unit volume.
The iPhone 17 base model has seen particularly strong demand in China, where lead times have increased by more than 35 days year-over-year, likely driven by Apple’s aggressive pricing strategy with 11-14% cuts compared to the iPhone 16 series.
The iPhone 17 Air shows minimal lead times across all markets where it’s available, suggesting weaker demand for this model, which aligns with Jefferies’ expectations and is not available in China.
In other recent news, Apple has seen significant demand for its new iPhone 17 lineup, leading to increased production efforts. According to Wedbush, Apple plans to boost production of its base iPhone 17 and Pro models by about 20% due to stronger-than-expected sales, with initial data indicating sales are 10%-15% ahead of the previous iPhone 16. The Information reports that Apple has instructed suppliers to ramp up daily production of the standard iPhone 17 by at least 30% following strong pre-orders. In response to the robust demand, JPMorgan has raised its price target for Apple to $280, forecasting iPhone volumes of 236 million in fiscal year 2026 and expecting mid- to high-single digit revenue growth. Wedbush also increased its price target to $310, maintaining an Outperform rating. Additionally, Apple is exploring the production of foldable iPhones, with test production discussions taking place in Taiwan and plans for mass production in India by 2026, as reported by Nikkei. Meanwhile, Oppenheimer maintains a Perform rating on Apple, noting that Meta’s new Ray-Ban Display smart glasses do not pose a threat to Apple’s ecosystem.
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