UBS Maintains Neutral on Apple, $296 PT

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.”

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