Stocks
UBS Sticks by Apple Neutral Rating Amid iPhone 18 Pro Demand Squeezed
UBS has kept its Neutral rating on Apple stock despite softer demand for the iPhone 18 Pro models since preorders began last Saturday. According to data from UBS, average wait times for the iPhone 18 Pro Max stand at approximately 23 days across more than 30 geographies.
In comparison, the US saw a 1-day increase in wait times, while China experienced a 10-day decrease year-over-year. The firm attributed this to solid demand for the iPhone 17 series over the last twelve months and incremental changes to the Pro and Pro Max models.
UBS also noted that higher average selling prices may have contributed to the muted demand. However, the firm's Evidence Lab data indicates Apple is overvalued relative to its Fair Value.