UBS analyst David Vogt has reiterated a Neutral rating on Apple Inc. (NASDAQ: AAPL) with a price target of $236.00. The firm expects Apple's revenue and earnings per share for the September quarter to align closely with their forecasts of $94 billion and $1.58, respectively.

The potential upside could come from iPad sales, which have not received much attention from investors. Despite the excitement around artificial intelligence after Apple's WWDC event, recent checks suggest that iPhone unit sales for the September quarter remained flat year-over-year at around 46 million units, while global sell-through increased by 2%. UBS estimates that channel fill for iPhones during the quarter was approximately 5 million units, projecting total iPhone units at 51 million and revenue at $45.7 billion. This differs from consensus expectations of 51.4 million units, which were based on IDC's report of 56 million iPhone shipments in Q3.

Furthermore, UBS anticipates that Apple management will be cautious about December quarter iPhone demand until the release of Apple Intelligence features on October 28.