UBS Group AG: iPhone 18 Pro series performance during the waiting period is lackluster, assigns a "Neutral" rating to Apple Inc. (AAPL.US)

Previously, Counterpoint Research released its first sales estimate for the iPhone Duo, saying the model could sell 6 million units this year. However, UBS Group AG said the arrival wait times for the iPhone 18 Pro and Pro Max were "roughly flat." UBS Group AG has a Neutral rating on Apple Inc. (AAPL.US) with a price target of $296. UBS Group AG analyst David Vogt wrote in a note to clients: "UBS Group AG Evidence Lab data tracking iPhone supply across more than 30 countries and regions show that wait times were relatively unchanged week over week. The Pro in the U.S. market was the only notable outlier, down about 2 days week over week. As a result, average wait times overall were roughly in line with last year, with the Pro in the U.S. market (down 2 days year over year) and the Pro in the China market (up 2 days year over year), as well as the Pro Max in the China market (down 4 days year over year), being the only notable outliers. The year-over-year difference for the Pro Max in China remained relatively unchanged throughout the survey period, which may indicate that consumers are waiting for the Duo launching next month. We believe existing Pro Max users purchasing upgraded configurations especially in China are most likely to make up the initial market for this new form factor." Counterpoint said earlier on Wednesday that panel procurement for the iPhone 18 Pro, Pro Max, and Duo was slightly higher than for the iPhone 17 series, with the Pro and Pro Max up 2% year over year. The remaining increase was attributed to the iPhone Duo Apple Inc.'s first foldable phone. The 256 GB version of the iPhone Duo starts at $1,999 and is available up to 2 TB. The iPhone Duo is about the size of a passport, has two rounded corners, and is the thinnest iPhone in the tech giant's history. The new phone features an aerospace-grade titanium frame, an all-new exterior design, and a 7.6-inch Super Retina XDR display. It is 50% larger than the iPhone 18 Pro Max and 80% larger than the iPhone Pro. Pre-orders for the model opened on October 16, with official sales starting on October 23.