UBS analyst David Vogt reiterated a Neutral rating on Apple stock with a $296 price target on July 1, citing challenges including increased memory costs and weaker-than-expected iPhone shipments in China, according to the firm’s latest research note. The price target reflects UBS’s cautious stance on the tech giant despite strong recent earnings performance.

The analyst’s reaffirmation came following a UBS Evidence Lab survey of over 7,500 smartphone users across the U.S., U.K., China, Germany, and Japan. The survey revealed mixed signals on iPhone demand. In the U.S., 12-month global iPhone purchase intent rose approximately 300 basis points year-over-year to approximately 20%, while China fell approximately 100 basis points…