KeyBanc maintained its "Underweight" rating on Apple, with a price target of $250. Although hardware spending in September increased by 44% month-over-month, significantly exceeding the three-year average of 15% and indicating strong initial demand for the iPhone 18, KeyBanc anticipates demand will gradually fade as carrier promotions weaken and upgrade rates decline, potentially leading to iPhone production cuts. The firm's shipment forecasts for iPhone and Mac in 2027 are significantly below Wall Street expectations.