UBS analyst David Vogt reiterated a Neutral rating and $236.00 price target on Apple (NASDAQ: AAPL).

The analyst said: "Based on our checks and analysis of demand trends, we expect Sept rev and EPS to be largely in-line with our forecast of $94B and $1.58 with a chance for upside driven by iPad, a category not emphasized by investors. Despite AI enthusiasm post Apple's WWDC event over the summer, our checks indicate iPhone unit sell-through in the Sept qtr was effectively flattish YoY at around 46M vs global sell-through up 2% YoY (Source: Counterpoint). Factoring in our est of 5M in iPhone channel fill during the qtr, we forecast iPhone units of 51M and iPhone rev of $45.7B compared to the VA Cons of 51.4M and expectations of a 4-5M unit beat following a report from IDC suggesting iPhone shipments were 56M in Q3. Furthermore, we expect Apple management to be balanced with regards to December qtr iPhone demand given Apple Intelligence (AI) has yet to be released (expected October 28th) and contains only a few features only available in "US English"."

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 $235.86 yesterday.