UBS Apple · AAPL

UBS Affirms Neutral on Apple, $296 Price Target

October 20, 2026 Analyst: David Vogt 1 min read Reproduced verbatim
Rating
Hold
Unchanged
Target
$296
Unchanged
Downside
−14%
AAPL at $344 today
UBS and Apple logos

What the analyst said

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

“Based on supply chain checks, our analysis of smartphone industry sell-through data and wait time data , we fine-tune our Apple estimates ahead of earnings.

Our September-quarter revenue and diluted EPS estimates are effectively unchanged, while we make minor adjustments to our fiscal 2027 and 2028 revenue and EPS forecasts as initial Duo demand strength was already reflected in our Apple estimates.

For the September quarter: We expect Apple to report September-quarter iPhone revenue of $56.0 billion (prior: $55.9 billion) and total revenue of $112.8 billion (prior: $112.7 billion), broadly in line with our forecasts and compared with Visible Alpha consensus estimates of $56.2 billion and $113.6 billion, respectively.”

Disclaimer
The price target and rating on this page are the opinion of the issuing research firm and its analyst, not of Price Target. This page is published for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security. Past performance does not guarantee future results. Consider your own circumstances and consult a licensed financial adviser before making investment decisions.

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.

Where the price stands

AAPL trades at $344. The 22 analysts who set a target in the last 3 months range from $245 to $400, with a median of $353. This $296 target is 16% below the median.

12-month window: day 1 of 365, closes on October 20, 2027.

Track record

This callOpen: AAPL has not reached $296 yet. This 12-month target is scored on September 10, 2027. Same target as this firm’s September 10, 2026 note, so it is scored there.

Firm track recordUBS: 83% of its 30 targets at least a year old were reached within 12 months (#14 of 28 firms). Accuracy ranking →

UBS on Apple

UBS price targets on Apple

8 calls from July 16, 2026 to October 20, 2026. The target stayed at $296. The rating stayed Hold.

UBS targetAAPL share price
  1. October 20, 2026 This noteKept the $296 targetHold$296
  2. October 16, 2026Kept the $296 targetHold$296
  3. October 6, 2026Kept the $296 targetHold$296
  4. September 23, 2026Kept the $296 targetHold$296
  5. September 18, 2026Kept the $296 targetHold$296
  6. September 10, 2026Kept the $296 targetHold$296
  7. July 31, 2026Kept the $296 targetHold$296
  8. July 16, 2026Earliest call shownHold$296
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Other analysts on Apple

Loop CapitalHold Downgraded, cut price target −11% · Oct 20 $330from $370 KeyBancSell Kept rating and price target · Oct 19 $250maintained JP MorganBuy Kept rating and price target · Oct 19 $360maintained KeyBancSell Kept rating and price target · Oct 15 $250maintained BernsteinBuy Kept rating and price target · Oct 13 $370maintained
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Price Target is an archive of Wall Street analyst research, published for informational purposes only. Nothing on this site is investment advice, a recommendation, or an offer to buy or sell any security. Analyst ratings and price targets are the opinions of the issuing firms, not of Price Target. Always do your own research or consult a licensed financial adviser.