UBS: The shortening of delivery times for the iPhone 17 series indicates that the supply chain is stabilizing, maintaining Apple's "Neutral" rating

According to the latest tracking data from UBS Evidence Lab, the delivery times for Apple's iPhone 17 series have shown a week-over-week trend of stability to decline, indicating that the supply chain situation is stabilizing. In the U.S. market, the waiting time for the iPhone 17 Pro has decreased by about 9 days compared to last week, reflecting an improvement in supply; the waiting times for the iPhone 17 Air and the base model remain comparable to the previous week. By different models, the current waiting period for the iPhone 17 Pro Max in the U.S. market is about 21 days, down from 24 days for the previous generation; the delivery waiting time for the iPhone 17 Pro is about 10 days, significantly shorter than the previous generation's 18 days. However, the iPhone 17 base model still shows a high waiting level of about 18 days, compared to just 1 day for the previous generation, indicating strong demand for entry-level products. UBS maintains a "neutral" rating on Apple, with a target price of $220, based on an average earnings per share forecast of $7.91 for 2026 and 2027. UBS believes that the stabilization of waiting times reflects a normalization of supply but also indicates that initial demand for the new models is relatively moderate