11:52 AM EDT, 07/17/2024 (MT Newswires) -- Apple ( AAPL ) will likely post an in-line June earnings report and September guidance based on recent checks as well as an analysis of demand trends, UBS said in a note emailed Wednesday.

The investment firm expects Apple ( AAPL ) to deliver revenue of $84.6 billion, up from the previous estimate of $83.3 billion, which compares with the consensus estimate at $84 billion.

UBS now expects EPS of $1.33, up from the previous estimate of $1.30, in line with the consensus forecast at $1.33.

The investment firm increased the June print iPhone unit forecast to 43 million from 42 million, down 2% year on year, and compared with the consensus estimate of 43 million units.

Meanwhile, UBS said that expectations for an iPhone supercycle next year, backed by new AI capabilities, may not materialize.

"A key pillar of the AI supercycle narrative is that the roll-out of the GenAI functionality in the iPhone 16 and the iPhone 17 next year will ignite a significant replacement cycle of Apple's ( AAPL ) installed base," the note said. "On the surface, the narrative is plausible. However, our analysis of the iPhone installed base using UBS Evidence Lab data suggests the percentage of the base in an economic position to upgrade is considerably smaller than the market expects."

UBS has a neutral rating and $190 price target on Apple ( AAPL ).

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