Apple Inc. (AAPL) stock edged up 0.45% to $197.33 on Monday as investor sentiment remained positive amid strong iPhone sales data. The stock has shown steady momentum in recent sessions, supported by reports of double-digit growth in global iPhone demand through April and May.
According to UBS, iPhone sell-through is tracking nearly 4 million units higher than both last year’s figures and current quarter estimates. The firm attributes this spike in demand to market concerns over potential price increases driven by looming U.S. tariffs on Chinese and Southeast Asian exports.
Despite this positive trend, UBS maintained a Neutral rating on Apple stock with a price target of $210, cautioning that the current surge may not be sustainable. The firm noted that the 34 million units sold during two seasonally slower months is unusually high and likely to moderate in the coming quarters.
Apple’s current valuation is also in focus. With a price-to-earnings ratio of 30.55 and EV/EBITDA of 20.88, UBS analysts suggest investors remain cautious about further upside without significant new product catalysts. The firm pointed out the “relatively uneventful” product announcements at WWDC as a reason for its tempered long-term view.
UBS also cited lukewarm consumer interest based on recent survey data from its Evidence Lab, indicating potential headwinds for Apple in the latter half of 2025.
Meanwhile, Apple continues to lead the smartphone market in China, with iPhone sales rising by 15% year-over-year, according to Counterpoint Research. Gains were also reported in Japan, India, and the Middle East, reinforcing Apple’s global brand strength.
In a strategic move, Apple supplier Foxconn has shifted nearly all iPhone exports from India to the United States, reflecting Apple’s effort to sidestep escalating U.S.-China trade tensions and potential tariffs.
Looking ahead, Apple is targeting a spring 2026 launch for its next-generation Siri upgrade. The AI-focused enhancement will allow Siri to analyze on-screen activity and user context, aligning with the company’s broader artificial intelligence roadmap.
Apple’s market cap now stands at $2.95 trillion, with quarterly dividends of $0.26 and a modest 0.53% yield, further attracting long-term investors despite growing valuation concerns.
As Apple navigates near-term iPhone strength and long-term innovation goals, analysts remain divided on whether current demand can translate into sustained growth.