11:36 AM EDT, 10/23/2024 (MT Newswires) -- Apple ( AAPL ) could see upside from its iPad products in the September quarter as iPhone unit sell-through was likely "flattish" during the period, UBS Securities said in a Tuesday note to investors.

UBS said it expects Apple's ( AAPL ) fiscal Q4 earnings per share and revenue to be in line with its forecast of $1.58 and $94 billion, respectively, based on its checks and analysis of demand trends. The investment firm estimated the quarter's iPhone unit sell-through to be roughly flat at about 46 million.

According to UBS, its checks indicate that an iPhone upgrade "supercycle" is unlikely in the next several quarters and do point to a significant uptick in demand even for the December quarter. UBS also said consensus estimates for iPhone revenues in 2025 and 2026 could be optimistic given the current smartphone industry growth.

Apple ( AAPL ) is set to release its fiscal Q4 results on Oct. 31.

UBS Securities has a neutral rating on Apple ( AAPL ), with a price target of $236.

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