STOCKS | UBS Maintains Neutral Rating on Apple as Early iPhone 18 Pro Demand Looks Soft

UBS reaffirmed its Neutral rating on Apple and kept its $296 price target. According to Sina Finance, the bank said its latest tracking data showed early demand for the iPhone 18 Pro series has been relatively subdued since preorders opened last Saturday. UBS Evidence Lab tracks iPhone supply and deliveries across more than 30 markets worldwide and uses new-device wait times as an important gauge of supply and demand. The bank said longer wait times usually indicate stronger orders relative to available supply, while shorter wait times typically suggest softer demand or faster fulfillment. The data showed the global average wait time for the iPhone 18 Pro Max is about 23 days, roughly two days shorter than a year earlier. In Asia, wait times were also shorter than last year, with China down about four days year over year and Japan broadly unchanged. The global average wait time for the iPhone 18 Pro is about 16 days, also roughly two days shorter than last year. The U.S. was one of the few markets where wait times increased, rising by about one day year over year. Asia was notably weaker overall, with China down about 10 days and Japan relatively stable. UBS said some Asian wait-time data may have been affected by consumers delaying purchases, especially in China, where some buyers may be waiting for Apple's Duo model due next month. UBS said the short initial wait times for the iPhone 18 Pro and Pro Max may reflect three factors: strong iPhone 17 demand over the past 12 months may have pulled forward some replacement demand; the new Pro series offers relatively limited upgrades versus the previous generation; and the higher average selling price may also be weighing on demand. UBS said it has not yet seen signs of a clear acceleration in demand from the first round of preorder and delivery data.