Apple lifted to Buy as Loop Capital sees 'multi-year iPhone run'

Investing.com -- Loop Capital upgraded Apple to Buy from Hold and raised its price target to $315 from $226 per share in a note Monday, citing stronger-than-expected demand for the iPhone 17 and a multi-year growth cycle extending through 2027.

Loop Capital said, “we are NOW at the front end of AAPL’s long-anticipated adoption cycle that suggests ongoing iPhone shipment expansion through CY2027.”

The firm expects “three consecutive record iPhone shipment years (CY2025–CY2027),” projecting 238 million units in 2025, 250 million in 2026, and more than 260 million in 2027.

Loop said “there is still more iPhone unit (and ASP) upside to Street than is understood,” noting that average selling prices remain “materially higher than Street” estimates. The firm believes this dynamic could persist for a while.

The upgrade follows what Loop called a “far better than anticipated” iPhone 17 launch.

According to its supply chain work, total iPhone shipments in the third quarter reached 56.5 million, exceeding projections.

“Given all the consternation surrounding the iPhone launch, there can be little debate on how successful the iPhone 17 has been thus far since its debut,” Loop said.

The iPhone 17 Air model, Loop added, sold out minutes after orders commenced in China, and could add “a 4-6 million unit upside” in the fourth quarter.

The firm also highlighted Apple’s strength in China, saying the company was “the sole major player posting QoQ upside in CQ3 despite myriad obstacles.”

Looking ahead, Loop said the anticipated iPhone 18 “foldable” model and the “AI Phone” could further extend Apple’s momentum.

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