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Apple Inc. shares hit their first record of 2025 on Monday after Loop Capital upgraded the stock to buy from hold, becoming the latest firm to cite positive iPhone demand trends.Shares rose as much as 3.1% to $260.20, taking out an all-time high that had stood since December. Apple had been a high profile underperformer among S&P 500 Index stocks for much of the year, down as much as 31% at its worst point in April. But since then the iPhone maker has soared more than 50%, finally turning positive for the year in late September.The recent strength comes amid signs of stronger-than-expected demand for its latest iPhone lineup, adding to hopes that a long-awaited upgrade cycle could be underway. Over the weekend, an analysis from Counterpoint Research showed the iPhone 17 series outsold the iPhone 16 by 14% over their respective first 10 days on sale in the US and China.“We are now at the front end of Apple’s long-anticipated adoption cycle,” Loop analyst Ananda Baruah wrote in his upgrade note. This reflects “a combination of refresh cycle and demand catalyzed by new design cycles.” He also raised his price target to a Street-high view of $315, implying upside of about 25% from Friday’s close. 124708324Investors had been looking for a similar upgrade bump following the release of the iPhone 16 but came away largely disappointed after its much-hyped AI features were either delayed or never released at all.However, more firms beyond Loop are turning more positive on Apple’s prospects. Evercore ISI added the stock to its tactical outperform list, as data on iPhone demand “suggest this may be more than the average iPhone refresh cycle.” Melius Research analyst Ben Reitzes sees it “getting its groove back,” writing that “Apple is on a mission to silence its critics.” He touted positive trends in China and “momentum in new models overall,” with upcoming products likely to act as additional catalysts. Still, not everyone is so sure that the early momentum for the iPhone 17 justifies Apple’s valuation. Shares trade at more than 32 times estimated earnings, well above their 10-year average of 22 times. Apple also trades at a premium to the Nasdaq 100, and is the most-expensive member of the Magnificent Seven, save for Tesla Inc.Apple also remains less-loved than other megacaps. Even with Loop’s upgrade, just 58% of the analysts tracked by Bloomberg recommend buying the stock, the lowest share among other magnificent seven stock outside of Tesla.Jefferies analyst Edison Lee, one of just four with a sell-equivalent rating on Apple, cautioned over the weekend that “sales momentum of iPhone 17 continues to cool off.” Earlier this month Lee downgraded the stock to underperform, warning that excitement for a potential foldable iPhone is “overdone” as it would likely come with a hefty price tag and also “cannibalize” sales of the Pro Max version.