Apple (AAPL) faces softer early demand for its new iPhone 18 Pro and Pro Max based on shorter wait times since preorders opened on Saturday, UBS Securities said Thursday in a report.
Using comparisons from a year earlier across 30 countries, UBS found that average wait times are about two days shorter at 16 days for the iPhone 18 Pro and 23 days for the Pro Max.
Pro Max wait times were little changed in the UK and Japan and four days shorter in China, UBS said. For the Pro model, the US was the only region showing longer wait times by one day, while China's wait times were 10 days shorter, the report said.
China's data may be affected by customers holding off purchases ahead of Apple's Duo foldable phone, which launches next month, UBS said.
The muted early wait times likely reflect strong demand for last year's iPhone 17 lineup, incremental changes in the new models, and higher average selling prices, the report said.
UBS has a neutral rating on Apple stock with a $296 price target.
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