Apple slips, UBS says initial demand for iPhone 15 'mixed at best'
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Apple (NASDAQ:AAPL) shares slipped fractionally in early trading on Wednesday after investment firm UBS said the initial demand for the iPhone 15 line is "mixed at best."
Analyst David Vogt, who has a neutral rating and $190 price target on Apple (AAPL), said the firm's Evidence Lab, which tracks iPhone availability across 30 countries, has pointed to lower delivery wait times across several markets - including the U.S., Germany, France and U.K. - for the iPhone 15 Pro variant compared to last year. 
Additionally, wait times in China for the iPhone 15 Pro are 23 days, compared to 39 days for the iPhone 14 Pro at the same time last year. 
Vogt also noted that delivery times for the iPhone 15 Pro Max are not "materially extended" in the U.S., Germany, U.K. and France (between 38 and 40 days), compared to last year, when they were roughly 39 days at the same time for the iPhone 14 Pro Max.
Wait times in China for the iPhone 15 Pro Max are 36 days, down 10 days from the iPhone 14 Pro Max, Vogt said.
"While wait times are modestly elevated for the 15 Plus across the globe while the base model 15 is more mixed (some longer, some shorter wait times), given ~63% of iPhone 15 procurement is Pro and Pro Max, the data on the margin is somewhat concerning in UBS's view," Vogt wrote.
Earlier this week, several Wall Street firms said demand for the iPhone 15 Pro was "strong out of the gates."

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