From Financial Modeling Prep: 2025-04-01 12:47:00

UBS reiterated a Neutral rating and $236 price target on Apple (AAPL), noting negative iPhone sell-through trends in China and Europe. Global iPhone sales dropped by 1% YoY, with significant declines in China (down 17%) and Europe (down 12%). Apple gained share in the U.S., but overall sales were down 1%.

Apple saw sell-through gains in India and emerging markets, but initial demand for the latest SE model was underwhelming. Only 300,000 units were sold in the first month, compared to 700,000 for the SE 2022 debut. UBS remains cautious, citing softening demand in core regions and tepid response to Apple’s latest budget offering.



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