Apple Inc. shares are set to open near record highs on Monday following Loop Capital's upgrade of the stock from hold to buy, citing improved iPhone demand trends.

In premarket trading, shares increased by 1.8%, nearing the all-time high reached in December. The stock's latest close was around 2.6% below this peak. Despite its recent gains, Apple has only slightly appreciated in 2025, lagging behind the 18% increase of the Nasdaq 100 Index.

"We are now at the beginning of Apple's long-anticipated adoption cycle, which indicates ongoing iPhone shipment growth through CY2027," commented analyst Ananda Baruah. This is driven by "a combination of the refresh cycle and demand stimulated by new design cycles," referring to the speed at which customers replace their old phones.

Loop's recommendation upgrade comes with a Street-high price target of $315, up from $226, suggesting a potential 25% increase from Friday’s close.

Another note from Loop analyst John Donovan highlighted "surging demand" for the iPhone 17.

"It is evident that the iPhone 17 results have exceeded expectations," he noted, with "total iPhone shipments in CQ3 2025 reaching 56.5 million, surpassing all forecasts."

Loop is not the only firm with a positive outlook on Apple. Evercore ISI has added the stock to its tactical outperform list, as iPhone demand data suggests "a stronger than usual iPhone refresh cycle."

Over the weekend, Counterpoint Research's analysis revealed that the iPhone 17 series outsold the iPhone 16 by 14% in their respective first 10 days of sales in the US and China.