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Investing.com - UBS maintained its Neutral rating and $220.00 price target on Apple (NASDAQ:AAPL) as data suggests demand for the iPhone 17 lineup has moved past its initial peak. The tech giant, currently trading at $255.41 near its 52-week high of $260.10, maintains a strong financial health score according to InvestingPro data.
UBS Evidence Lab data tracking iPhone availability across 30 geographies indicates that peak demand is now behind the iPhone 17 Base model, according to the investment bank’s analysis.
Wait times for the iPhone 17 Air across all major geographies suggest "somewhat muted demand" for the thinner form factor with more modest technical specifications, UBS noted.
The firm also observed that wait times for the Pro model are beginning to ease, with a notable drop in China to 13 days, which is below the 14-day wait time from a year ago and 20 days from just a week ago.
Based on this global wait time data, UBS expects to see wait times "further erode going forward absent any new incremental/aggressive promotional activity."
In other recent news, Apple and OpenAI have filed motions to dismiss a lawsuit brought by Elon Musk’s xAI, which accused them of conspiring to limit competition in the artificial intelligence market. This lawsuit, filed in August, claimed that Apple’s App Store would have promoted xAI’s X and Grok apps more prominently if not for an exclusive arrangement with OpenAI. Meanwhile, Evercore ISI has raised its price target for Apple to $290 from $260, maintaining an Outperform rating. This decision is based on a consumer survey indicating a strong potential for iPhone upgrades, driven by interest in new hardware features like the camera and battery.
In another development, Jefferies reiterated its Hold rating on Apple, with a price target of $205.82, due to signs of slowing momentum for its new iPhone lineup. The firm noted shorter lead times for the iPhone 17 Pro in China and Hong Kong. Additionally, Apple has developed an internal ChatGPT-style app called "Veritas" to test new features for a planned Siri overhaul. In related news, Oppenheimer maintained its Outperform rating and $180 price target on Shopify following OpenAI’s announcement that Shopify merchants can now sell products directly through ChatGPT conversations, potentially reaching 70 million monthly active U.S. users.
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