UBS Tempers Expectations Ahead Of Apple Launch: „Expect Marginal iPhone Changes”

Apple’s „Awe Dropping” launch event kicks off later today at 10 a.m. PST / 1 p.m. EST, with as many as eight new devices expected: four new iPhones, up to three Apple Watches, and the AirPods Pro 3.

Not to dampen enthusiasm for the Awe Dropping event, which Goldman previously outlined here, but UBS analyst Tricia Wright reminded clients earlier this morning, reiterating a previous note, to „expect only marginal changes to the iPhone 17 lineup at the Apple event.”

Wright cites analyst David Vogt’s recent note about what to expect at WWDC25:

David Vogt expects an iPhone Air to replace the Plus in the lineup at Apple’s iPhone launch event on Tuesday. While he acknowledges that a thinner device would introduce a relatively new form factor for the iPhone, he thinks it will have a muted impact on consumer purchasing decisions and thus, limited upside to his iPhone forecasts for the September and December quarters.

Considering that only incremental software updates were announced at WWDC25 in June, David does not expect material announcements regarding Siri Apple Intelligence features until next spring. However, there is a cohort of investors that expect Apple to announce an AI partnership, potentially with Google, based on his conversations.

That said, like the impact of new hardware, he does not anticipate a pick up in iPhone demand given stand-alone AI applications are already available in the smartphone market. David repeats his ’neutral’ rating on the stock.

Separately, Goldman analyst Michael Ng provided clients with insights into his desk’s views (read the report) on the new iPhone, including pricing, while reiterating his „Buy” rating on the stock.

Watch the Awe-Dropping event Live:

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