Apple’s latest iPhone model, the 17, is seeing strong sales with a double-digit percentage increase over its predecessor. The tech giant’s stock hit an all-time high, rising nearly 4% in one day, outperforming the S&P 500. Analysts are bullish on Apple, with increased demand for the new phone leading to stock upgrades and price target raises.

Counterpoint reports that iPhone 17 sales surpassed the 16 by 14% in the U.S. and China, with the base model selling particularly well, outselling the 16 by 31%. Apple’s hardware sales remain significant, with services revenue growing but still lower. Early iPhone 17 sales are a positive development for Apple, boosting investor confidence.

Analyst Ananda Baruah upgraded Apple stock to a buy, raising the price target to $315 per share from $226. Apple’s heavy reliance on hardware sales, including the iPhone, makes encouraging early sales crucial for the company’s financial performance. Investors should consider the potential for growth in Apple stock based on the positive sales figures for the new iPhone model.

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