$AAPL - UBS: IPHONE PROMOTIONS BOOST DEMAND, BUT APPLE VALUATION HIGH UBS analyst David Vogt kept a Neutral rating and $220 price target on Apple. He noted iPhone demand rose due to promotions in China, India, and the U.S., but older models sold less, and average selling prices didn’t increase. With shares now ~32x FY26 EPS, he sees limited upside, especially given Apple’s modest on-device AI.