UBS Keeps Neutral on Apple, $296 PT
UBS analyst David Vogt reiterated a Neutral rating and $296 price target on Apple (NASDAQ: AAPL).
“UBS Evidence Lab data (> Access Dataset) that tracks iPhone availability across 30+ geographies indicates that average wait times rose ~3 days and ~2 days WoW for the Pro and Pro Max, respectively.
Notably, wait times were basically unchanged WoW for the Pro in China, as well as the Pro Max in both China and Japan.
As a result, the average YoY deltas for both models was roughly -1 day, an improvement from last week’s initial -2 days.
Excluding China’s -4 day YoY delta, wait times were essentially flat across regions, suggesting potentially improving demand trends on the margin.
Average wait times by model: 18 Pro Max: ~24 days vs ~25 days for the 17 Pro Max and ~23 days for the 16 Pro Max. 18 Pro: ~17 days vs ~18 days for the 17 Pro and ~17 days for the 16 Pro.”
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