UBS Sticks to Neutral Rating as Apple Prices Foldable iPhone at $1,999

UBS has reiterated its Neutral rating on Apple Inc. () after the company's product announcement event, where it unveiled a foldable iPhone called the Duo with pricing starting at $1,999.

The analyst firm also maintained a price target of $296.00 for the tech giant, which currently trades at $319.60, above the target. According to InvestingPro analysis, Apple appears overvalued based on its Fair Value assessment, with a P/E ratio of 36.25.

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

The analyst firm also expects Apple to launch its iPhone 18 Base, Air, and e variants early next year. Other recent news has seen various analysts revising their earnings estimates downward for the upcoming period, with 13 analysts doing so according to InvestingPro Tips.