After tracking the supply data of the iPhone 18 series after pre-sale, UBS maintained Apple's “neutral” rating and target price of $296, believing that the initial demand performance of the iPhone 18 Pro and Pro Max was relatively moderate. UBS Evidence Lab's tracking of more than 30 markets showed that the average waiting time for the iPhone 18 Pro Max was about 23 days, with a year-on-year reduction of about 2 days; the average waiting time for the iPhone 18 Pro was about 4 days shorter; the average waiting time for the iPhone 18 Pro was also about 2 days shorter; the Chinese market was also shortened by about 10 days year-on-year. The US was the only major market with a year-on-year increase of about 1 day. UBS believes that the shorter waiting period may be related to strong demand for the iPhone 17 series in the past year, limited upgrade of the Pro series this year, and the rise in average sales prices. At the same time, it points out that the Chinese market data may be affected by some consumers waiting to launch the Duo model next month. As a result, UBS believes that it has yet to see demand for the iPhone 18 Pro series significantly exceeding expectations.

After tracking the supply data of the iPhone 18 series after pre-sale, UBS maintained Apple's “neutral” rating and target price of $296, believing that the initial demand performance of the iPhone 18 Pro and Pro Max was relatively moderate. UBS Evidence Lab's tracking of more than 30 markets showed that the average waiting time for the iPhone 18 Pro Max was about 23 days, with a year-on-year reduction of about 2 days; the average waiting time for the iPhone 18 Pro was about 4 days shorter; the average waiting time for the iPhone 18 Pro was also about 2 days shorter; the Chinese market was also shortened by about 10 days year-on-year. The US was the only major market with a year-on-year increase of about 1 day. UBS believes that the shorter waiting period may be related to strong demand for the iPhone 17 series in the past year, limited upgrade of the Pro series this year, and the rise in average sales prices. At the same time, it points out that the Chinese market data may be affected by some consumers waiting to launch the Duo model next month. As a result, UBS believes that it has yet to see demand for the iPhone 18 Pro series significantly exceeding expectations.