Apple investors just got another reason to be bullish on the stock. Early indications point to promising demand for the new iPhone 17 and 17 Pro models, as well as the newly introduced Air, which sits right in the middle on price and specs. The news Analysts at JPMorgan and Bank of America said that lead times for the latest iPhones are tracking better than around the same time last year when the iPhone 16 models were unveiled and pre-orders opened. Jefferies’ early checks were a bit of an outlier. Lead times track how long it takes from when a customer places an order for a device to when they get it. So, longer lead times typically mean stronger demand. JPMorgan found that global lead times for the iPhone 17, Air, 17 Pro, and 17 Pro Max averaged 14, 7, 15, and 24 days, respectfully, since pre-orders started on Sept. 12. Last year’s lead times for the iPhone 16, 16 Plus, 16 Pro and 16 Pro Max averaged 5, 2, 14, and 21 days, respectively. “In tracking delivery lead-times across key markets, including US, China, Germany, and UK as an indicator of demand, while it is still very early days, lead-times for delivery are indicating that demand for all the new variants launched on Sep 9th is tracking modestly ahead of iPhone 16 Series during Week 1 (e.g., Pre-Order Week),” the analysts said in a note to clients Sunday. JPMorgan reiterated its buy-equivalent rating on shares and $255 price target. Bank of America analysts shared similar sentiments, reiterating their buy call on Apple stock, too. “Our tracking of iPhone ship dates on Apple’s own website, and various carrier websites, indicates that as of Sep 15th (3 days after preorders started on Fri Sep 12th), ship time (in days) for the iPhone 17 Pro and Pro Max models are extended compared to last year at this point in the pre-order cycle,” the analysts, who have a $270 price target on Apple, said in a Monday note. Jefferies highlighted a bright spot for iPhone 17 demand in Apple’s second-largest market, China. Analysts pointed to early success for the iPhone 17 base, which is less expensive than the other new iPhone 17 models. “The iPhone 17 base seems to be a big hit in China, which is not surprising,” wrote the analysts, who have a hold rating and nearly $206 price target on Apple stock. “Our tracking of lead time indicates the 17 base model hit 10-13 days in China at the start of the pre-order, and stretched to 15-19 days on the 2nd day. Last year, the lead time for 16 base model was zero.” The analysts said that this was likely driven by Apple’s price cut to the model versus the iPhone 16 base, and additional subsidies from the Chinese government. To be sure, unlike BofA and JPMorgan, Jefferies found that lead times in the other major markets, such as the U.S., were much shorter than last year. So much so that Jefferies analysts said that this could imply a downside risk to their iPhone sales estimates. Big picture Shares of Apple advanced for a third straight session on Monday, following the mostly positive Wall Street lead-time chatter and a broad market rally after President Donald Trump said the trade talks with China were going well. With the September quarter drawing to a close in about two weeks, the stock’s quarter-to-date gains exceeded 15%. The S & P 500 has increased 6.5% quarter to date. However, zooming out, Apple still has work to do to shake its 5.7% year-to-date decline versus the S & P 500’s 12%-plus gain in 2025. AAPL .SPX YTD mountain Apple vs. S & P 500 YTD performance Apple’s spectacular run in August and into early September followed CEO Tim Cook announcing a boost in the company’s U.S. manufacturing investment by $100 billion to appease the White House, along with a positive ruling in Alphabet’ s search antitrust case that allows the iPhone maker to still receive payments from Google. Although these help alleviate some investor concerns regarding the impact of tariffs and a hit to its crucial high-margin services business, it’s not enough to get Apple out of the doghouse quite yet. It still faces pressure over its staggered rollout of Apple Intelligence, its generative artificial intelligence suite – even more so now after management didn’t elaborate on the matter much more during its annual hardware event last week. Bottom line Still, we’re confident about the opportunities the new iPhones can bring. “Apple’s [iPhone 17] is going to be gigantic,” Jim Cramer said during Monday’s Morning Meeting . He described the latest model of Apple’s flagship device as “more of a bargain” than its other smartphones. “When you trade in, it turns out that the [iPhone] 15, 14, 13 … their value relative to what you paid for is very high. So, when you take the incentives of a Verizon or T-Mobile and you add [them] with the trade-in value, this thing turns out to be more of a bargain than any of the phones,” Jim added. Based on the Wall Street research, we’re glad to hear that early iPhone demand is tracking well. Jim pointed to the positive results of the iPhone 17 base in China. “That’s very important,” Jim said. China has been a consistent source of stress for Apple, given the stiffening smartphone competition and its huge manufacturing presence in the country. Reflecting on his trip to Kentucky to the Corning plant that will provide the glass for iPhones and Apple Watches, Jim said that Apple’s AI priorities are in order. Apple CEO Tim Cook was also there. “Cook told me that AI was an ‘all-in’ situation, and he called it perhaps the most profound change in his lifetime. Those who think that Apple isn’t developing or caring about AI are dead wrong,” Jim wrote in this week’s Sunday column . “If the Apple bears or those lukewarm on the stock were to have a field trip the way I had, they would know their tepid stance is going to bite them in the ass.” The Club maintains its long-held “own it, don’t trade it” stance on Apple. Our price target stands at $240, only 2% away from current prices. The stock has still been working to get back to its record-closing high of $259 on Dec. 26, 2024. (Jim Cramer’s Charitable Trust is long AAPL. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. 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