UBS Affirms Neutral on Apple, $296 PT
UBS analyst David Vogt reiterated a Neutral rating and $296.00 price target on Apple (NASDAQ: AAPL)
“UBS Evidence Lab data that tracks iPhone availability across 30+ geographies suggests muted demand for the iPhone 18 Pro and Pro Max since preorders began last Saturday.
For context, we believe YoY comparisons are more meaningful in determining underlying demand. On average, wait times for the Pro Max are ~23 days, ~2 days shorter YoY.
Flattish YoY wait times in the UK and Japan were offset by shorter (~4 days YoY) wait times in China. Average wait times for the Pro were ~16 days, shorter by ~2 days YoY as well.
Notably, the US was the only region where wait times were up (~1 day YoY) for the Pro, whereas wait times in China were materially shorter (~10 days YoY).
However, we note that the wait time data—particularly in China—could be impacted by consumers waiting for the launch of the Duo next month.
In our view, the initial muted wait times are likely due to solid LTM demand for the iPhone 17 series, incremental changes to the Pro and Pro Max, as well as higher ASPs.”
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