Apple (AAPL) Stock: UBS Reiterates Neutral, $220 PT on iPhone 17 Availability Data

Apple Inc. (NASDAQ:AAPL) is one of the AI Stocks in the Spotlight This Week. On September 24, UBS analyst David Vogt reiterated a Neutral rating and $220.00 price target on the stock. The rating affirmation follows analysis of iPhone 17 availability data across 30 global markets.

Based on UBS Evidence Lab data, wait times appears elevated for the base iPhone 17 model but muted for the other three. The firm believes that there is upside risk to iPhone builds driven by the iPhone 17 Base and Air variants. This aligns with recent reports that Apple suppliers are increasing production of the Base model.

Meanwhile, wait times for the Pro and Pro Max outside China are consistent with last year, while Air models are flat to down compared to the 16 plus.

According to the firm, the transition toward entry-level phone models may limit average selling price upside in the September’25 quarter. Tracking wait times is going to be a key metric, as they flattened or shortened around this time last year.

“UBS Evidence Lab data (>Access Dataset) that tracks iPhone availability across 30 geographies suggests elevated YoY wait times for the Base across key end markets, but relatively muted demand for the other three models. We believe that the data is consistent with our view that there is upside risk to iPhone builds, driven by the iPhone 17 Base and Air variants, as well as recent media reports indicating Apple suppliers are increasing iPhone 17 Base production. However, we flag that main adjustments to iPhone builds typically begin in November onwards. Further, we note that ex-China, wait times for the Pro and Pro Max are relatively consistent YoY, and flat to down for the Air vs the 16 Plus. Taking into account the implied price increases for the Air and Pro models, but an implied price decrease for the Base (by raising the starting storage to 256GB), initial demand mixing to the entry-level iPhone may limit ASP upside in the Sept-25 quarter in our view. Wait times will be important to track going forward as we note that they began to flatten or shorten at this time last year depending on the model and geography.”

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

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