UBS Maintains Neutral Rating on Apple Amid Improved Wait Time Trends

UBS has reiterated its Neutral rating on Apple Inc. (AAPL) stock, citing muted demand for the iPhone 18 Pro models despite some signs of improving wait time trends. The price target remains at $296.00.

The data from UBS's Evidence Lab suggests that average wait times for the iPhone 18 Pro and Pro Max models have increased by three days and two days, respectively, compared to the previous week. However, year-over-year deltas show a slight improvement, with both models averaging around one day less in wait times.

InvestingPro analysis reveals that Apple's shares are overvalued relative to its Fair Value estimate, trading at $338.21 near its 52-week high of $345.34. In contrast, Evercore ISI has raised its price target for Apple to $380, citing strong consumer interest in the iPhone 18 Pro and Pro Max models.

Meanwhile, the Trump administration has filed a brief with the Supreme Court supporting Apple's position in a legal dispute with Epic Games, which could influence the outcome in Apple's favor. Additionally, Apple is exploring the development of a screenless fitness tracker as part of its efforts to expand its wearable product line.