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Apple Inc. (NASDAQ: AAPL) is experiencing a notable increase in demand for its new iPhone 17, with projections indicating a potential rise of 20% to 30% compared to last year’s iPhone 16. Reports suggest that Apple has instructed suppliers to boost production of the $799 iPhone 17 by 30%, indicating stronger interest in cheaper models.
As of noon ET, Apple shares have risen by 4.3%. Shipping lead times for the iPhone 17 have reportedly extended to 18 days, nearly double the 10-day lead times for the iPhone 16. Additionally, investment bank Wedbush has raised its price target for Apple stock to $310, suggesting a potential upside of over 21%.
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