Apple slips as UBS says iPhone wait times easing, indicating 'flattish unit growth'
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Apple (NASDAQ:AAPL) shares slipped on Thursday as investment firm UBS noted that wait times for the new iPhone 14 product line have eased, indicating "flattish" year-over-year growth for the September quarter.
Analyst David Vogt, who has a buy rating and $185-a-share price target on Apple (AAPL), noted that UBS's Evidence Lab dataset - which tracks 30 countries - shows roughly 48M iPhone units shipments for the September quarter. Vogt said the data shows Apple's (AAPL) high-end iPhone 14 Pro and iPhone 14 Pro Max have seen "elevated" wait times relative to last year, but the lower-end iPhone 14 is "readily available," and wait times for the iPhone 14 Plus - slated to be released on Friday - is at roughly 7 to 8 days across most regions.
In a research note, Vogt said that stronger demand for the higher-end iPhone 14 models has been largely offset by lower-end shipments "as we expected based on our checks and analysis of procurement patterns." 
Apple (AAPL) shares were down fractionally to $145.83 in premarket trading.
Vogt said that any benefit from an increase in average selling price for the iPhone 14 Pro and iPhone 14 Pro Max, as well as the extra week in this year's September quarter is likely to be offset by continued strength in the U.S. dollar. Vogt added that iPhone revenue is estimated to be $41.8B for the quarter, slightly below the consensus estimate of $42.2B. 
In a separate note, Bank of America analyst Wamsi Mohan noted that App Store trends often lead product trends, and with recent chatter about declining App Store revenue, it could be something to monitor for Apple (AAPL) shareholders.
"In our opinion, the recent App store deceleration suggests a broader weaker spend intention," Mohan wrote in a note to clients.
Investment firm Evercore recently said the lead times for Apple's (AAPL) iPhone 14 Pro models are expanding, indicating strong demand.