Apple Inc (NASDAQ:AAPL, ETR:APC) shares opened near their record high on Monday as its stock has been boosted by broker optimism, robust iPhone sales, and its Formula 1 deal.
Brokers including Loop Capital, Evercore ISI, and Seaport Research Partners have recently expressed positivity about Apple’s growth prospects, driven by better-than-expected iPhone 17 sales and the expanding services division.
According to Counterpoint Research, within the first 10 days of availability, the iPhone 17 series sales rose by 14% compared to the iPhone 16 in Apple's two key markets, the US and China.
It was also announced over the weekend that Apple has secured a five-year exclusive broadcasting deal for Formula 1 in the US, starting in 2026, with a deal worth approximately $750 million.
The company will broadcast all practice sessions, qualifying rounds, Sprint events, and Grand Prix race on Apple TV as part of its standard subscription, which is expected to attract subscribers to the streaming platform.
Shares of Apple were up 2.6% at about $258 in early trade on Monday, just shy of the company’s all-time high of $260.10, which it hit on December 26 of last year.