UBS Reiterates Neutral Rating on Apple, $296 Price Target

UBS analyst David Vogt reiterated a Neutral rating and $296 price target on Apple (NASDAQ: AAPL).

“Apple’s “Surprise and shine” event largely met investor expectations, unveiling a foldable iPhone, the Duo, starting at $1,999.

Although we had broadly anticipated the device (link), the Duo represents a notable form factor change for the iPhone lineup.

Apple also introduced a streamlined three model lineup at its September event: the Pro, Pro Max, and Duo.

Alongside the launches, Apple raised Pro and Pro Max prices by $100, in-line with our expectations.

While this increase does not fully offset higher memory costs, we believe a larger $200 increase would have weighed on iPhone demand.

In CY22, Apple raised European prices in response to higher component costs and a stronger U.S. dollar, contributing to softer demand from late CY22 into CY23 that persisted for nearly a year.

Finally, the iPhone 18 Base, Air, and e variants will likely be launched early next year.”

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