UBS Sees Improved iPhone 18 Demand Outside China
UBS analysts say that early iPhone 18 delivery data are showing less negative trends outside of China, but Wall Street remains divided over whether Apple is entering a stronger upgrade cycle. The firm's latest supply-chain and wait-time data show that average wait times for the iPhone 18 Pro and Pro Max increased by roughly three and two days week over week, respectively.
The year-over-year decline in wait times has narrowed to around one day, suggesting demand outside China is now running close to flat compared with last year. However, China remains the main weak spot, accounting for most of the weakness in the data.
UBS maintained a 'Neutral' rating and $296 price target on Apple stock, implying roughly 13% downside potential against the current stock price of $339.75. The firm sees early improvement in demand outside China but remains cautious, particularly in China, where the iPhone 18 cycle is still showing weakness.