Overview

• UBS on September 24 reaffirmed a Neutral rating and $220 price target after Evidence Lab tracking of iPhone 17 availability across 30 markets.
• The firm found elevated year-over-year wait times for the base iPhone 17, with relatively muted demand for the Air, Pro, and Pro Max models.
• UBS noted Pro and Pro Max wait times outside China are broadly consistent with last year and that Air model waits are flat to down versus the 16 Plus.
• UBS cautioned that a shift toward entry-level models and pricing/storage changes could limit average selling price upside in the September quarter, with significant build adjustments typically starting in November.
• In contrast, JP Morgan reiterated a Buy as average iPhone 17 lead times rose about four days since September 12, and Tigress Financial lifted its target to $305 on September 17, citing Apple’s launch, ecosystem expansion, and services growth; the average analyst target stood near $247.50 as of September 23.