Swiss bank UBS (UBS) is raising concerns about sales of Apple’s (AAPL) newest iPhone 17 models.
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In a note to clients, UBS says that wait times for Apple’s iPhone 17 lineup are trending flat to lower across major markets worldwide. Specifically, the bank said that its dataset, which tracks iPhone availability in 30 markets globally, shows that “wait times for the iPhone 17 lineup continue to trend flattish to lower…”
The analysts at UBS stressed that this pattern mirrors last year’s trends for the iPhone 16 series of smartphones and is likely to continue moving forward. UBS maintains a price target of $220 on AAPL stock, along with a Hold-equivalent neutral rating.
China Sales
In its note, UBS focuses a lot on China, which is a critical market for Apple and one where the company has struggled with sales in recent years. UBS did note that Apple “has received approval to begin selling the iPhone 17 Air in China,” with preorders starting Oct. 17. This is a positive development, according to the bank.
However, Apple continues to face stiff competition in China where a number of domestic smartphone makers have surpassed the iPhone in terms of sales. Data on sales of the iPhone 17 in China so far have been mixed. Many analysts say Apple needs to add artificial intelligence (AI) features, notably an AI Siri digital assistant, to really boost its iPhone sales.
Is AAPL Stock a Buy?
The stock of Apple has a consensus Moderate Buy rating among 35 Wall Street analysts. That rating is based on 19 Buy, 13 Hold, and three Sell recommendations issued in the last three months. The average AAPL price target of $255.50 implies 1.89% upside from current levels.
