Apple Stock Faces Modest Gains After Analyst-Driven Surge

Apple’s stock struggled to extend Monday’s strong rally, showing only slight gains in premarket trading Tuesday. On Monday, shares climbed 4.31% to $256.08, with nearly double the usual trading volume. The surge followed upbeat reports on iPhone 17 demand from Wedbush’s Daniel Ives and Bank of America analysts.

Ives lifted his price target from $270 to $310, citing robust demand for Apple’s new iPhone lineup and projecting stronger shipments through fiscal 2026, suggesting Apple may have moved past a slow-growth phase. BofA highlighted lengthy wait times for the base iPhone 17, particularly in China, where government subsidies for electronics are fueling sales.

Apple’s shares historically perform well in the December quarter, boosted by holiday demand. Notably, the stock set a record high of $260.10 on December 26, 2024.

Elsewhere in the market, Nvidia jumped nearly 4% to a new record after unveiling a plan to invest up to $100 billion in OpenAI. Metsera surged over 62% after Pfizer announced a $4.9 billion acquisition deal with potential milestone-based payouts. Oracle gained almost 5% after news it would play a key role in overseeing a U.S. version of TikTok, while also appointing Clay Magouyrk and Mike Sicilia as co-CEOs.