UBS tells investors in a research note that the firm’s Evidence Lab survey of more than 7,500 global smartphone users shows U.S. 12-month iPhone purchase intent dropping about 400 basis points to a five-year low of roughly 20%, while China’s intent unexpectedly rose about 300 bps to a similar level. Purchase intent in the U.K., Germany, and Japan was largely stable with only modest year-over-year shifts, UBS says. UBS has a Neutral rating and $280 price target on the shares.
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