03:42 PM EDT, 08/02/2024 (MT Newswires) -- Apple's ( AAPL ) fiscal Q3 results and Q4 outlook are unlikely to sway investor sentiment, UBS said in a report sent Friday.

"Apple ( AAPL ) bulls will continue to hang their hat on the view that the iPhone is entering a 'supercycle' later this year driven by GenAI and will act as an accelerant to Services growth," the investment firm said.

"On the other hand, more cautious investors will point to a reported [September revenue] guide that is not accelerating on an adjusted basis from the June [quarter]," it said.

Following the "largely inline" quarterly results, UBS raised its full-year 2024 EPS forecast to $6.69 from $6.56, and fiscal 2025 EPS at $6.88 versus its previous estimate of $6.86.

UBS is projecting iPhone shipments totaling 51 million units in the September quarter, up 4% year over year and largely in line with consensus of 50.7 million units. That would account for about 23% of its fiscal 2024 estimate of 222.5 million units.

UBS reiterated its neutral rating on the stock and $190 price target.

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