11:05 AM EDT, 09/08/2025 (MT Newswires) -- Apple ( AAPL ) is expected to launch an iPhone 17 with "marginal changes" at its "Awe Dropping" event on Tuesday, UBS Securities said in a note emailed Monday.

The brokerage said it expects the company to unveil the iPhone Air to replace the Plus model in the lineup to launch a "relatively new form factor" for the phone.

A thinner device, however, would "have a muted impact on consumer purchasing decisions and thus, limited upside" to UBS' iPhone estimates for the September and December quarters, the brokerage said.

UBS said other hardware announcements at the event "are likely to be more evolutionary," such as a new iPad Pro with the M5 chip.

UBS maintained Apple's ( AAPL ) neutral rating and $220 price target.

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