$AAPL - UBS WARNS OF LIMITED IPHONE SALES UPSIDE, MAINTAINS $296 APPLE TARGET

UBS REITERATED ITS NEUTRAL RATING AND $296 PRICE TARGET ON APPLE, CITING CONCERNS ABOUT WEAKENING IPHONE DEMAND INDICATORS.

UBS EVIDENCE LAB DATA ACROSS 30+ MARKETS SHOW IPHONE PRO WAIT TIMES ARE 4 DAYS SHORTER YEAR-OVER-YEAR, WHILE PRO MAX WAIT TIMES REMAIN BROADLY UNCHANGED.

WEEKLY WAIT TIMES ALSO DECLINED BY 1 DAY FOR PRO AND 5 DAYS FOR PRO MAX.

THE KEY CONCERN: SHORTER DELIVERY TIMES, COMBINED WITH APPLE'S HIGHER PRICES, SUGGEST LIMITED UPSIDE TO IPHONE SALES ESTIMATES. ...