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UBS doubts high-end iPhone 8 will launch in September

Key Points
  • UBS doesn't think Apple will ship the high-end iPhone 8 in September.
  • UBS believes Apple will launch some iPhones, but that the top-tier model will ship in Dec.
  • UBS increased its 12-month price target to $180.
Tim Cook
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Following Apple's strong fiscal fourth-quarter guidance on Tuesday afternoon, there was some sentiment that the company may be able to ship all of its new iPhones on time this September.

UBS isn't so sure.

In a note to investors on Tuesday, analyst Steven Milunovich said that UBS expects "some iPhone channel fill in Sep," though there's "doubt OLED will be out."

Milunovich is referring to the high-end iPhone 8, which is expected to pack a new, more colorful and brighter "OLED" panel that takes over almost the entire front of the phone. It's that model that UBS believes will be delayed past September.

"We doubt the OLED model will be available, but our sources suggest a quick ramp in the Dec period," Milunovich said.

It appears Apple has something coming, though. The company's margin guidance came in light while revenue guidance was heavy, suggesting that Apple is going to unveil something that's expensive to make in September.

UBS maintains its buy rating on Apple and increased its 12-month price target from $170 to $180 per share.

— CNBC's Anita Balakrishnan contributed to this report.