03:17 PM EDT, 06/11/2024 (MT Newswires) -- Apple's ( AAPL ) plan to introduce artificial intelligence-enabled features to its devices via Apple Intelligence is unlikely to drive iPhone upgrade cycles later this year, UBS said in a note emailed Tuesday.

UBS added that it did not find any material upside demand in iPhone build rates and manufacturing purchase obligations, "with interest in gen AI somewhat muted."

Apple Intelligence is the company's new personal intelligence system for iPhone, iPad and Mac, powered by in-house developed large language models.

UBS has a neutral rating for Apple ( AAPL ) with a 12-month price target of $190.

Apple ( AAPL ) shares were up 6.4% in recent trading.

Price: 205.57, Change: +12.45, Percent Change: +6.44