United States Bank(USB.N)Analysts say, thoughapple(AAPL.O)The upcoming quarterly earnings may be better than expected, and investors should not fall into complacency as a result. They pointed out thatThe rest of the year and2026The market demand outlook remains weak in 2019。

Analysts warn that Wall Street is currently on2025The second half of the year and2026The fiscal year forecast is too optimistic because Apple (AAPL) is expected to be9New models launched this monthiPhone, the changes in appearance may be only slight. At the same time, there is no conclusive evidence yet“Apple Intelligence”will have a significant impact.

“This has increased2026Financial YeariPhoneThe demand may be with2025The risk of being flat every year,”UBS analyst David·Vogt (David Vogt) wrote in a report to the client.

Vogt also raised Apple on Wednesday1The moon is here3The forecast for this quarter is that Apple may ship early in the process of dealing with the risk of the Trump administration imposing tariffs on China.100Ten thousand piecesiPhone。

The Vogt team currently expects Apple to be3The month ofiPhoneSales volume will reach5150Ten thousand units, the revenue from this business is471$100 million, this figure is nearly higher than previous forecasts4%. UBS also expects thatMacProduct demand improved slightly in the quarter.

therefore,UBS has raised3Overall expectations for the month quarter, currently expected revenue is955$100 million, higher than previously expected935$100 million; earnings per share are1.62The US dollar is also higher than previously expected1.56Dollar. This expectation also exceededFactSetCurrent market average forecast (i.e.940$100 million and1.61Dollar).

However, Vogt slightly cuts Apple9Earnings per share expectations for the month quarter, from1.73The dollar dropped to1.66US dollar; at the same time, it increased slightly6The expectation of the quarter from1.40The dollar rose to1.43Dollar.

He expects thatMarket2026Consistent fiscal year expectations will require a downward adjustment. UBS pair2026The fiscal year's earnings per share forecast is7.40USD, compared to market analyst average expectations7.99The US dollar is low60cents.

UBS analysts believe thatCurrent market expectations have not yet reflected in the United States4moon2The risks of tariffs imposed on the day and the impact it may have on the wider economy。

“Given that geopolitical risks may be2025Weakening demand in China in the second half of the fiscal year, coupled with the possible macroeconomic slowdown in the United States and Europe, we believe that the market isiPhoneThere is still room for a downward reduction in shipments，”Vogt wrote.