UBS analyst David Vogt says iPhone sell-through in the month of May came in at 14.5M units, down 2% year-over-year compared to a market decline of 8%. Quarter-to-date, iPhone sell-through is down over 3%, which could drive Apple’s June quarter unit sell-in 3% below consensus, the analyst tells investors in a research note. The 14.5M iPhone units sold in May were the fewest since August 2022, a month that is typically weak as it immediately precedes the launch of a new iPhone model in September, says the firm. UBS notes that while iPhone demand remains soft, global smartphone demand also continues to be weak. It keeps a Neutral rating on Apple with a $190 price target.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on AAPL:
- Netflix Stock (NASDAQ:NFLX) Could be a Huge Winner if VR Takes Off
- Unusual call flow in option market yesterday
- Apple Stock (NASDAQ:AAPL) Hits New 52-Week High, Inching Closer to $3T Market Cap
- Wedbush Pounds the Table on Apple Stock
- Meta plans to let EU users download apps through Facebook ads, Verge says