UBS Reiterates Neutral Rating on Apple (AAPL): Wait Times Relatively Consistent YoY Across Markets

UBS analyst David Vogt reiterated a Neutral rating and $220.00 price target on Apple (NASDAQ: AAPL).

The analyst commented, "UBS Evidence Lab data (>Access Dataset) that tracks iPhone availability across 30 geographies suggests wait times for the iPhone 17 lineup continue the trend of flattish to lower WoW across key geographies. Similarly, wait times on a YoY basis are relatively flattish on average excluding the Base model. Following approval in China, wait times for the Air are ~11 days. When compared to the iPhone 16 Plus at a similar point post launch, the Air is higher by ~4 days YoY. Notably, the launch of the Air in China did not appear to have an effect on demand for the Base, with wait times flat WoW, relatively consistent with other key end markets. While the Base's demand durability thus far is somewhat surprising in our view, we think that the unchanged starting price point ($799) but better specs (256GB starting storage, improved camera, larger display) may be resonating with consumers. However, we note that wait times for the Pro and Pro Max models, which carry higher ASPs and compose the majority of iPhone mix, are relatively consistent YoY across end markets."

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $262.77 yesterday.

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