UBS analysts said Wednesday that data indicates high-end initial demand for the Apple (NASDAQ:AAPL) iPhone 15 is softer relative to last year.
"Utilizing UBS Evidence Lab data that tracks iPhone availability across 30 countries indicates initial demand for the iPhone 15 is mixed at best," wrote the analysts, who have a Neutral rating and a $190 price target on AAPL shares.
They note that at the high end, delivery wait times for the Pro variant across major markets are lower by roughly a week relative to last year, including in the US, Germany, Great Britain, and France.
"In China, wait times for the 15 Pro are just 23 days compared to 39 days for the 14 Pro at the same point last year," the analysts added. "Furthermore, delivery wait times for the most expensive device, the 15 Pro Max, are also not materially extended relative to the 14 Pro Max last year with wait times in the US, Germany, Great Britain, and France all between 38 and 40 days compared to 39 days last year."
"While wait times are modestly elevated for the 15 Plus across the globe while the base model 15 is more mixed (some longer, some shorter wait times), given ~63% of iPhone 15 procurement is Pro and Pro Max, the data on the margin is somewhat concerning in our view," they concluded.