UBS Reiterates Neutral Rating on Apple Following User Survey, $280 Price Target

UBS analyst David Vogt reiterated a Neutral rating and $280.00 price target on Apple (NASDAQ: AAPL).

“UBS Evidence Lab (> Access Dataset) surveyed ~4,000 iPhone users to analyze the installed base and traction of different Apple services.

Key takeaways include: 1.iPhone purchase intent ticked higher: Across all regions, more customers noted their next smartphone purchase would be an iPhone with the UK posting the largest increase (+600 bps YoY) as intent in China increased ~400 bps, a positive surprise in our view given the competitive backdrop.

2.The average age of the iPhone installed base globally was flattish YoY at ~33 months; ex-China, the average age rose ~0.5 month to ~38 months suggesting an incremental demand could extend into CY27.

3.Global iPhone retention rate rose ~200 bps YoY to ~74%, with notable increases in the US (+200 bps YoY) and China (+700 bps YoY) suggesting iPhone share remains sticky supportive of share gains against a tough memory backdrop.

4.Apple Music (~30%) and iCloud (~42%) attach rates continued to grow and sustained its lead over other Apple Services supporting ‘Services’ gross margins remaining >75% in FY26 and FY27.”

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