Stocks
UBS Sticks to Neutral Rating on Apple Despite Foldable iPhone Duo Launch
UBS has maintained its neutral rating on Apple Inc. (NASDAQ:AAPL) following the company's recent product announcement event, where it unveiled a foldable iPhone called the Duo.
The price target remains at $296.00, which is below the current market price of $319.60. According to UBS, the company's P/E ratio stands at 36.25, making Apple appear overvalued based on its Fair Value assessment.
UBS noted that the Duo represents a form factor change for the iPhone lineup and that the price increase does not fully offset higher memory costs. However, a larger $200 increase would have weighed on iPhone demand, according to the analyst.