UBS Sticks to Neutral Rating on Apple Amid Improved iPhone Demand

UBS maintained its Neutral rating on Apple Inc. (AAPL) stock despite improved wait times for iPhone 18 Pro models, which may indicate rising demand trends.

The investment firm cited data from UBS Evidence Lab, which tracks iPhone availability across over 30 geographies and showed that average wait times rose approximately three days week-over-week for the Pro model and two days for the Pro Max model. However, year-over-year deltas for both models stood at roughly negative one day.

UBS also noted that excluding China's negative four-day year-over-year delta, wait times were essentially flat across regions. The data suggests potentially improving demand trends on the margin, according to UBS.

The news comes as Apple faces various challenges and opportunities, including a potential legal victory in its dispute with Epic Games, supported by the Trump administration. Additionally, the company is exploring the development of a screenless fitness tracker, similar to Whoop's device, as part of its efforts to expand its wearable product line.