UBS Keeps Neutral Rating on Apple Despite Soft iPhone Demand

UBS has reaffirmed its Neutral rating on Apple stock despite reports of muted demand for the iPhone 18 Pro models. According to UBS, pre-order data shows softer demand for these models since last Saturday, with average wait times ranging from 16 days to 23 days across various regions.

The firm attributed this initial subdued response to solid demand for the iPhone 17 series over the past year, incremental changes to the Pro and Pro Max models, and higher average selling prices. UBS also noted that wait time data in China could be influenced by consumers waiting for the launch of the Duo next month.

Meanwhile, other analysts remain optimistic about Apple's prospects. Evercore ISI has raised its price target for Apple to $380 due to strong demand for the new iPhone models, while BofA Securities maintained its Buy rating and a $370 price target citing increased trade-in credits from U.S. carriers.