UBS holds Neutral rating on Apple with $296 price target

UBS analyst David Vogt reiterated a Neutral rating and $296.00 price target on Apple (NASDAQ: AAPL), according to a press release statement.

Vogt's analysis of App Store data, sourced from Sensor Tower, indicates reported App Store revenue grew approximately 3% in the June 2026 quarter on a reported basis, while growth on a foreign exchange neutral basis came in at approximately 2%. The U.S. market declined approximately 6% year-over-year during the same period.

By geography, the rest of world grew approximately 9% on a reported basis, while global growth was approximately 440 basis points slower than the March 2026 quarter. The analyst noted the September 2026 quarter comparison is approximately 270 basis points easier quarter-over-quarter.

UBS left its June 2026 Services growth estimate unchanged at approximately 14.3%, compared to a consensus estimate of approximately 14.5%. Apple had guided for Services growth at a year-over-year rate similar to the March 2026 quarter.

Vogt flagged that Generative AI growth, which he views as a driver of App Store growth, continues to slow, attributing the trend to harder comparisons and market saturation.

Apple shares closed at $312.66.

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