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.
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