Apple's (AAPL) iPhone wait times are broadly tracking last year's levels, with the Pro in the US and China and the Pro Max in China among the notable year-over-year outliers, UBS Securities said.

The investment firm said in a Tuesday research note that it expects September-quarter iPhone revenue of $55.9 billion, and $252.4 billion for fiscal 2026.

The year-over-year delta for the Pro Max in China has been relatively flat during channel checks, potentially indicating consumers are waiting for the Duo next month, analysts wrote.

Current Pro Max users who purchase upgraded specs would most likely make up the initial market for the new form factor, according to the note.

UBS has a neutral rating on the stock and a $296 price target.

Shares of the company were up 2.5% in Wednesday trading.

Price: 337.75, Change: +8.35, Percent Change: +2.53