Apple (AAPL) iPhone Demand Drops in June, UBS Sticks With Neutral Rating

Apple Inc. (NASDAQ:AAPL) is one of the AI Stocks in the Spotlight Right Now. On July 22, UBS analyst David Vogt reiterated a “Neutral” rating on the stock with a $210.00 price target. The firm cited a major drop in iPhone demand during June after two months of strong sales behind the neutral rating affirmation.

“Following two strong well above seasonal months driven by fears of a potential iPhone price increase related to broad based tariffs, we estimate iPhone sell-through in the month of June declined 18% YoY as demand fizzled. Therefore, for the June quarter, we estimate iPhone units came in around 45M or up 3.4% YoY, roughly 1.5M above our prior estimate."

"Moreover, continued weakness in the US dollar during the quarter should flip FX to a slight tailwind from prior expectations of a ‘slight headwind’ to revenue in the June quarter. As such, we slightly raise our June quarter estimates but lower Sept given likely iPhone softness, below seasonal, given the prior pull-in.”

Apple is a technology company known for its consumer electronics, software, and services.

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