UBS reported that Apple’s (NASDAQ:AAPL) latest iPhone 17 lineup is showing stronger-than-expected demand signals, particularly for premium models, according to the bank’s latest supply chain and availability checks.
While overall iPhone 17 wait times remained stable or slightly shorter week over week, UBS noted a notable year-over-year increase for some versions. Data from the firm’s Evidence Lab indicates that wait times for the iPhone 17 Pro Max are roughly six days longer than last year across major global markets — a result analysts described as a “surprise.”
In the U.S. and Europe, the iPhone 17 Pro now faces wait times about three days longer than in 2024, while the base model continues to experience elevated delays, averaging 18 days longer on a year-over-year basis.
UBS analysts led by David Vogt observed that, in the U.S., only the Pro and Pro Max models saw a modest increase in wait times last week, each rising by around one day. Meanwhile, the base model’s availability slightly improved, tightening to about 13 days from 16 a week earlier — a potential sign that demand is beginning to stabilize.
By contrast, the iPhone 17 Air remains widely available with minimal delays worldwide. In China, wait times for that model even fell by around three days compared with the previous week, underscoring subdued interest from consumers.
“We believe that demand is holding up relatively better on a year-on-year basis for the Base, Pro, and Pro Max due to promotional activity,” analysts wrote. Their outlook aligns with prior forecasts that raised iPhone shipment estimates for the September and December 2025 quarters to 55 million and 77 million units, respectively.
Regionally, China continues to stand out as a strong market for Apple’s high-end phones. The iPhone 17 Pro Max’s wait time there increased to about 18 days from 11 a year ago, while the base model posted a similar 18-day delay, compared with no wait at all last year.
In Europe, all iPhone 17 versions except the Air recorded longer lead times than last year, with the Pro Max averaging around 18 days versus 12 for its predecessor.
UBS reiterated its Neutral rating on Apple stock, keeping a $220 price target, noting that the company’s valuation remains roughly aligned with its three- and five-year historical averages.