UBS says Apple Intelligence did not drive demand for iPhone replacement, maintaining target stock price of $296

On July 2nd, UBS stated that Apple Intelligence did not significantly accelerate the pace of users replacing their iPhones, and the proportion of users who cited AI functionality as a reason for buying a new device declined. Despite the stable willingness to purchase iPhones in the US and European markets, market demand has weakened. UBS maintains iPhone shipment expectations and sets Apple's target stock price at $296.