Apple's (AAPL) average wait times for iPhone 18 availability rose about 3 days for the Pro model and about 2 days for the Pro Max model week-over-week, resulting in flattish year-over-year deltas, UBS Securities said Tuesday in a note.

The data suggest "potentially improving demand trends on the margin," UBS said.

Wait times were essentially unchanged week-over-week for the Pro model in China, as well as the Pro Max model in both China and Japan, according to the note.

UBS believes wait times heading into the Duo launch in October are important to track, while iPhone availability in China is also worth monitoring, as demand for Apple's foldable phone is higher there than in other markets, the note added.

UBS estimates September quarter iPhone revenue and units of $55.9 billion and 55 million, respectively, up 14% and 2.8% year-over-year. For the full year 2026, it expects iPhone revenue and units of $252.4 billion and 261 million, respectively.

UBS kept a neutral rating on Apple with a price target of $296.

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