UBS Keeps Apple at Neutral Amid iPhone Demand Trends
UBS has maintained its Neutral rating on Apple Inc. () with a $296.00 price target, despite recent fluctuations in the stock's value. The current market price of Apple is $338.21, which is nearing its 52-week high of $345.34.
Average wait times for iPhone models have been rising, with UBS Evidence Lab data showing a three-day increase week-over-week for the Pro model and two days for the Pro Max model. However, year-over-year deltas show a negative one-day change for both models, indicating a slight improvement in demand trends.
The data suggests that wait times are not as long as they were last year, with the 18 Pro Max averaging around 24 days compared to 25 days for the 17 Pro Max and 23 days for the 16 Pro Max. The 18 Pro averaged approximately 17 days, while the 17 Pro and 16 Pro averaged 18 and 17 days respectively.
While this may indicate improving demand trends, 13 analysts have revised their earnings downwards for Apple's upcoming period. This contrast highlights the mixed views on Apple's performance in the market.