Apple (AAPL) iPhone Demand Drops in June, UBS Sticks With Neutral Rating

Apple Inc. (NASDAQ:AAPL) is one of the AI Stocks in the Spotlight Right Now. On July 22, UBS analyst David Vogt reiterated a “Neutral” rating on the stock with a $210.00 price target. The firm cited a major drop in iPhone demand during June after two months of strong sales behind the neutral rating affirmation.

“Following two strong well above seasonal months driven by fears of a potential iPhone price increase related to broad based tariffs, we estimate iPhone sell-through in the month of June declined 18% YoY as demand fizzled. Therefore, for the June quarter, we estimate iPhone units came in around 45M or up 3.4% YoY, roughly 1.5M above our prior estimate.”

Apple (AAPL) iPhone Demand Drops in June, UBS Sticks With Neutral Rating

“Moreover, continued weakness in the US dollar during the quarter should flip FX to a slight tailwind from prior expectations of a ‘slight headwind’ to revenue in the June quarter. As such, we slightly raise our June quarter estimates but lower Sept given likely iPhone softness, below seasonal, given the prior pull-in.”

Apple is a technology company known for its consumer electronics, software, and services.

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