UBS: Initial demand for iPhone 18 Pro series appears mild, maintains neutral rating on Apple
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UBS has maintained a 'neutral' rating and a $296 price target on Apple after tracking supply data following the iPhone 18 series pre-orders. The bank's Evidence Lab, monitoring over 30 markets, found that initial demand for the iPhone 18 Pro and Pro Max models appears relatively mild. The average wait time for the iPhone 18 Pro Max is about 23 days, roughly two days shorter than the previous year's model, with China seeing a four-day reduction. The iPhone 18 Pro has an average wait time of about 16 days, also two days shorter year-over-year, while China's wait time dropped by about ten days. The US was the only major market where wait times extended, by about one day. UBS attributes the shorter wait times to strong demand for the iPhone 17 series last year, limited upgrades in this year's Pro models, and higher average selling prices. The bank also notes that Chinese consumer data may be affected by some waiting for the upcoming Duo model. UBS concludes that it has not yet seen clearly above-expectation demand for the iPhone 18 Pro series.
Source report
UBS has maintained its "neutral" rating on Apple and a price target of $296, following an analysis of supply data after the iPhone 18 series pre-sale period. The bank noted that initial demand for the iPhone 18 Pro and Pro Max models has been relatively subdued.
According to tracking by UBS Evidence Lab across more than 30 markets:
- iPhone 18 Pro Max: Average waiting time is approximately 23 days, about 2 days shorter year-over-year. In China, the wait time has shortened by roughly 4 days compared to last year.
- iPhone 18 Pro: Average waiting time is approximately 16 days, also about 2 days shorter year-over-year. In China, the wait time has shortened by approximately 10 days year-over-year.
- United States: The only major market where waiting times have extended year-over-year, with an increase of about 1 day.
UBS attributed the shorter waiting times to several factors: relatively strong demand for the iPhone 17 series over the past year, limited upgrades in this year's Pro series, and higher average selling prices. The bank also noted that data from China may be influenced by some consumers waiting for the upcoming Duo model, expected to launch next month.
As a result, UBS believes there is currently no clear evidence of demand exceeding expectations for the iPhone 18 Pro series.
Source
财联社Neutral / independent
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