The demand for the Apple (NASDAQ:AAPL) iPhone 15 Pro has declined across all regions relative to last year, according to a note from UBS analysts on Wednesday.
The analysts, who have a Neutral rating and $190 per share price target on Apple shares, told investors that the firm's Evidence Lab data, which tracks iPhone availability across 30 countries, shows wait times have contracted by an average of 5 days YoY amongst the US, China, Europe, and Japan for the iPhone 15 Pro.
"The US witnessed the greatest decline, going from 27 days last year to 20 days this year," the analysts said. "In China, Europe, and Japan, wait times
shortened 4 days YoY to 21 days."
Furthermore, similar to the dynamic since the iPhone 15 launch, UBS said wait times for the low-end models remain elevated compared to last year.
As a result, "with demand for the Pro down and relatively muted for the Pro Max compared to last year," UBS believes there is a risk to its iPhone unit estimates.
Focusing on China, the analysts said: "While there are catalysts for smartphone demand approaching with the holiday season and Singles' Day in China, the upside for iPhones is somewhat limited considering the macro environment and the competitive landscape with Huawei's Mate60 in China."