Analysts are skeptical about the impact of Apple's upcoming Apple Intelligence on iPhone sales. Jefferies and other analysts suggest that the new feature is unlikely to significantly boost iPhone sales. According to Counterpoint, global smartphone sell-through rose 2% year-over-year in Q3 2024, down from 6% in Q2. iPhone sales increased by 1% year-over-year, despite the launch of the iPhone 16. Loop Capital has raised its Q3 iPhone revenue forecast to $49.3 billion from $48.6 billion and its unit sales estimate to 53.5 million from 52.5 million, based on stronger-than-expected shipments. JPMorgan notes that iPhone 16 lead times are now tracking in line with iPhone 15, providing reassurance around demand momentum. Loop Capital has set a $300 price-target for Apple.