UBS Reiterates Neutral Rating on Apple, $296 Price Target

UBS analyst David Vogt reiterated a Neutral rating and $296.00 price target on Apple (NASDAQ: AAPL).

“AI related applications including Siri AI not a demand game changer in our view…Apple made a number of software—specifically AI-related—announcements with a privacy overlay as we had expected at its annual developer conference.

While we believe that a number of the features are additive to the user experience and offer further convenience relative to prior versions, we do not expect the announcements to be a material driver of iPhone demand ahead of the expected launch of a foldable device in the fall.

Rather we believe Apple’s AI journey is likely to be iterative over the next couple of years with today’s announcement a solid foundation to build an “edge AI platform”.

However, based on initial functionality, we believe investors will be underwhelmed with the offerings given the consumer market is already highly competitive.”

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