UBS Maintains Neutral on Apple, $296 Price Target

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

“According to press reports, Apple is increasing prices for MacBooks and iPads to offset the steep increase in memory prices.

In the March-26 quarter, Apple reported ‘Product’ gross margin of 38.7% as the impact of higher memory costs was mitigated by some tariff relief.

Prior to price adjustments, our analysis had suggested ‘Product’ gross margin should decline QoQ to 36.4% in the June26 quarter and 35.9% in the Sept-qtr.

However, given iPhone revenue should account for ~80% of ‘Product’ revenue over the next 3-4 quarters, we don’t expect a change in the margin outlook in the near-term from Macs and iPads until iPhone price increases or configurations are confirmed later in CY26.”

This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.