UBS Apple · AAPL

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

Analyst: David Vogt 1 min read Reproduced verbatim
Rating
Neutral
Unchanged
Target
$280
Outcome
Reached
on May 1, 2026
UBS and Apple logos

What the analyst said

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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Where the price stands

AAPL trades at $340. The 16 analysts who set a target in the last 3 months range from $250 to $400, with a median of $358. This $280 target is 22% below the median.

Since the note AAPL has moved +35% (from $253). 12-month window: day 221 of 365, closes on March 26, 2027.

Track record

This call✓ Target reached on May 1, 2026, 36 days after the note.

Firm track recordUBS: 88% of its 41 targets at least a year old were reached within 12 months (#7 of 21 firms). Accuracy ranking →

UBS on Apple

UBS price targets on Apple

8 calls from March 26, 2026 to July 1, 2026. The target went from $280 to $296 (+6%). The rating stayed Hold.

UBS targetAAPL share price
  1. July 1, 2026Kept the $296 targetHold$296
  2. June 26, 2026Kept the $296 targetHold$296
  3. June 25, 2026Kept the $296 targetHold$296
  4. June 9, 2026Kept the $296 targetHold$296
  5. May 1, 2026Target raised from $287 (+3%)Hold$296
  6. April 28, 2026Target raised from $280 (+2%)Hold$287
  7. April 7, 2026Kept the $280 targetHold$280
  8. March 26, 2026 This noteEarliest call shownHold$280
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Other analysts on Apple

BernsteinBuy Kept rating and price target Oct 29 $370maintained EvercoreBuy Kept rating and price target Oct 27 $380maintained Loop CapitalHold Downgraded, cut price target −11% Oct 20 $330from $370 KeyBancSell Kept rating and price target Oct 19 $250maintained JP MorganBuy Kept rating and price target Oct 19 $360maintained
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Price Target is an archive of Wall Street analyst research, published for informational purposes only. Nothing on this site is investment advice, a recommendation, or an offer to buy or sell any security. Analyst ratings and price targets are the opinions of the issuing firms, not of Price Target. Always do your own research or consult a licensed financial adviser.