UBS Keeps Neutral Rating on Apple Amid Foldable iPhone Launch

UBS has maintained its neutral rating on Apple Inc.'s stock despite the company's recent product announcement event. The analyst firm reiterated a price target of $296.00, which is below the current market price of $319.60.

The event saw Apple unveil a foldable iPhone called the Duo, priced at $1,999 for the base model. This represents a form factor change for the iPhone lineup and a streamlined three-model lineup consisting of the Pro, Pro Max, and Duo.

UBS noted that the price increase for the Pro and Pro Max models by $100 does not fully offset higher memory costs but believes a larger $200 increase would have weighed on iPhone demand.