This article first appeared on GuruFocus.
Apple (NASDAQ:AAPL) shares rose about 1.5% Thursday after UBS kept a neutral rating on the stock following the company's latest product event, while maintaining a $296 price target.
UBS's target sits below Apple's current share price of $319.60. The investment bank said the newly introduced foldable iPhone Duo starts at $1,999, while Apple also raised prices for its Pro and Pro Max models by $100.
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The firm noted that the higher pricing may not fully compensate for rising memory expenses. UBS also said a larger increase could have created more pressure on customer demand.
Apple's updated lineup now includes the Pro, Pro Max and Duo models. UBS expects additional iPhone 18 versions, including the base, Air and e variants, to arrive early next year.
Other analysts have offered different views on the stock. Bank of America reduced its target to $370 while retaining a Buy rating, while Melius Research and Evercore ISI kept Buy-equivalent views. Jefferies maintained an Underperform rating with a $263.66 target.