With just two days to go before Apple's Q3 2026 report, UBS has raised its price target for the company's stock. This increase is once again based on strong iPhone demand. Here are the details.

Despite Positive Outlook, UBS Sees Long-Term Risks

In recent weeks, many analysts have raised their price targets for Apple shares. This refers to the company's overall better position in dealing with ongoing memory supply shortages.

Now, as reported by CNBC, UBS has reaffirmed this position and raised Apple's price target from $280 to $287. Although the increase is modest compared to the current stock price of $270.40 and its previous forecast, it contributes to the growing positive sentiment ahead of earnings.

Earlier this month, BNP Paribas raised Apple's stock target from $260 to $300. This increase followed JP Morgan's two raises from $305 to $325.

While UBS's stock target is more cautious (which we will discuss later), it argues that Apple's supply chain strength and memory securing ability translate into stock earnings and stronger iPhone demand.

According to CBNC, UBS analyst David Vogt stated, “supply chain strength and sustained demand/stock earnings for the iPhone 17 series should increase iPhone revenues by 20% year-over-year.”

Vogt updated UBS's revenue forecast for Apple for the June quarter, “increasing it by approximately 4% to $102 billion, forecasting 8.5% annual growth.” He also mentioned that “solid demand in the U.S. and China will lead to an approximate 6% revenue increase or $47.4 billion.” This is an increase compared to the previous forecast of $43.5 billion.

Still, Apple's shares were held at a neutral rating, as UBS sees long-term risks such as “product delays or less innovative offerings, particularly a decline in iPhone unit shipments” and “macroeconomic weakness reducing product demand, especially in China.”

Click here to read the full report.