Analyst David Vogt from UBS maintained a Hold rating on Apple and keeping the price target at $220.00.
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David Vogt has given his Hold rating due to a combination of factors related to the recent iPhone 17 launch. The UBS Evidence Lab data indicates mixed demand for the new lineup, with varying wait times across different models and geographies. While the introduction of the Air model, excluding China, is a significant change, the Base model’s price remains unchanged despite increased storage, and the overall number of available models has decreased compared to last year.
In the US, demand for the Pro and Pro Max models appears more subdued compared to previous iterations, as reflected in the modest increase in iPhone build forecasts for the upcoming quarters. Additionally, the absence of the Air model in China complicates year-over-year comparisons, as it may influence consumer purchasing behavior towards other models. These factors suggest a cautious outlook on Apple’s stock, justifying the Hold rating.
Vogt covers the Technology sector, focusing on stocks such as Apple, International Business Machines, and Arista Networks. According to TipRanks, Vogt has an average return of 9.1% and a 58.75% success rate on recommended stocks.
In another report released yesterday, Jefferies also maintained a Hold rating on the stock with a $205.82 price target.