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UBS warns of limited iPhone sales growth for Apple, maintains $296 price target.
UBS reiterated its Neutral rating and $296 price target for Apple, citing weak iPhone demand indicators. UBS Evidence Lab data showed iPhone Pro wait times decreased by 4 days year-over-year, while Pro Max wait times remained largely unchanged. Weekly wait times for the Pro model dropped by 1 day, and for the Pro Max model by 5 days. UBS's primary concern is that shorter delivery times, combined with Apple's higher pricing, suggest limited growth in iPhone sales expectations.
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