UBS Reiterates Neutral Rating on Apple, $280 Price Target

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

“Our analysis of App Store data (Source: Sensor Tower) indicates reported growth came in at ~7% in the Mar-26 quarter, weighed down by flattish growth in the US in our view.

While the Mar-26 quarter’s growth was up ~80 bps QoQ, we note the comp was ~180 bps easier. On a FXN basis, the App Store grew ~5% in the Mar-26 quarter, consistent with the Dec-25 quarter, as FX was a tailwind.

Looking ahead, the comp for the June-26 quarter is ~12%, basically unchanged QoQ as comps do not begin to ease until the Sept-26 quarter’s ~10%.”

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