Top Bank Ratings | UBS: Maintains "Neutral" rating on Apple, expects good momentum in iPhone market share growth in the second half of the year

Golden Ten Data, April 29｜UBS, citing industry data, estimates that Apple’s iPhone sales in China grew by about 78% year-on-year in March from a low base, narrowing the first quarter’s decline to around 4%, outperforming the industry’s overall decline of about 12%. The bank’s channel research also indicates that, as rising memory chip prices have a greater impact on other smartphone manufacturers, Apple has achieved market share growth thanks to its relatively stable supply chain advantage. Although the March and June quarters are traditionally off-seasons for sales, market data suggests that iPhone is poised for solid market share growth in the second half of this year, especially considering the launch of a new foldable screen model in September. UBS currently sets its target price at $280 and maintains a “Neutral” rating.