UBS

Apple Inc (NASDAQ:AAPL, XETRA:APC) is expected to deliver an in-line fiscal third-quarter performance, with UBS forecasting steady iPhone growth and Services revenue broadly tracking expectations despite ongoing supply chain pressures. UBS expects total revenue to come in at $107.8 billion, slightly below Visible Alpha consensus of $108.1 billion, while forecasting iPhone revenue of $53.3 billion, roughly in line with consensus and representing about 20% year-over-year growth. The analysts wrote that channel checks suggest Apple’s iPhone business gained market share during the quarter, supported by pricing trends and continued demand for higher-end smartphones. UBS noted that Apple was the only major smartphone vendor not to raise prices during the June quarter, which helped the company gain share across key markets including the US, Europe and China. The firm also highlighted that rising component costs, particularly for memory, have benefited premium smartphone demand as consumers have continued to favor higher-priced devices over mid-range and lower-end models. UBS expects the iPhone 17 lineup to have taken share during the quarter, though the analysts cautioned that the market may already be pricing in stronger-than-expected results. Apple shares are trading at roughly 35 times forward consensus earnings, which UBS views as limiting the potential risk-reward profile. Services revenue is expected to grow around 13% on a foreign exchange-neutral basis, according to UBS, with limited upside due to challenges affecting App Store revenue and Google search-related payments. UBS forecasts diluted earnings per share of $1.84, slightly below Visible Alpha consensus of $1.87. The firm noted that earnings could receive a modest boost if operating expenses come in at the lower end of Apple’s guidance range, which UBS estimates would be around $18.8 billion. The analysts expect gross margin for the June quarter to come in at 48.0%, in line with consensus and within Apple’s guided range of 47.5% to 48.5%. UBS expects higher memory costs to pressure iPhone margins, partially offset by the benefit of lower-cost inventory flowing through cost of goods sold. The firm estimates iPhone gross margin of approximately 39.5%, down about 250 basis points from the prior quarter. Looking ahead to the September quarter, UBS forecasts consolidated gross margin of 47.5%, with the ben...

The carrier's earnings come just days after its rival Delta Air Lines reported but the landscape for the sector has shifted dramatically in that short time.

The bank reported adjusted second-quarter earnings of $3.46 a share, blowing past Wall Street forecasts thanks to a surge in investment banking revenue.

UBS expects AstraZeneca PLC (LSE:AZN, NASDAQ:AZN) to report solid second-quarter results later this month, though it sees little room for the drugmaker to raise full-year guidance. The bank reiterated its 'buy' rating on Britain's second most valuable listed company, ahead of results due on 27 July. UBS set a 12-month price target of 17,600p, well above the 12,734.87p at which the shares closed on 10 July. The forecasts sit broadly in line with consensus, running about 1% below on sales and 2% below on core operating profit and earnings for the quarter. The bank expects the sharpest investor focus to fall on AstraZeneca's target of $80 billion in annual revenue by 2030, a goal that has come under scrutiny after the recent failure of Wainua in a form of heart disease. UBS said it still viewed the 2030 target as achievable, pointing to blockbuster trial readouts due in 2027, including an oral cholesterol treatment and a cell therapy for multiple myeloma. The bank was more cautious on nearer-term readouts, flagging higher risk around lung and breast cancer trials expected in the second half. It named late-stage data on the lung cancer treatment tozorakimab in chronic obstructive pulmonary disease as a key September event. UBS forecasts full-year revenue of around $63.3 billion, up from $58.7 billion in 2025. It expects core earnings per share of $9.48, rising to $11.38 in 2027. The bank sees the core operating margin widening to 33.6% this year from 31.5% in 2025. UBS said it did not expect AstraZeneca to lift its full-year guidance, with its own forecasts already sitting solidly within the current range. It described the company as having the broadest late-stage pipeline in the sector, while acknowledging that remaining catalysts this year carried higher risk. UBS makes a market in AstraZeneca securities and holds a long position of 0.5% or more in its shares.

Delta Air Lines (DAL) is well positioned for further share gains after a strong Q2 performance under

Delta Air Lines Inc (NYSE:DAL) is expected to report second-quarter results slightly above the upper end of its previously guided earnings range, though investors are likely to focus more closely on the airline's outlook for the third quarter and full year, according to UBS. The brokerage said it expects Delta to report second-quarter earnings slightly above the high end of its guidance range of $1 to $1.50 per share, in line with broader market expectations. "Importantly, we think its forward outlook will be the key focus on the print," the analysts wrote. For the third quarter, UBS said investors are generally expecting earnings guidance of $2 to $2.50 per share on mid-teens revenue growth. UBS forecasts third-quarter earnings of $2.51 per share, compared with Wall Street consensus of $2.03. The analysts added that Delta is likely to take a conservative approach to its fuel assumptions for the third and fourth quarters given that oil prices have moved higher. On costs, UBS said the market generally expects second-quarter non-fuel unit costs, or CASM excluding fuel, to increase more than 7% year over year. Delta had previously indicated that second-quarter CASM-ex growth would be broadly in line with the 6.3% increase recorded in the first quarter, but UBS believes crew scheduling issues were likely more severe than expected and may have increased cost pressures. For the third quarter, the firm expects CASM-ex growth of 6% to 7%, with crew scheduling disruptions likely to persist but be less of a drag than in the second quarter. UBS also noted that Delta's refinery operations are expected to contribute a benefit of about $0.10 to $0.15 per share in the third quarter at most, although profits could be lower following the recent fire at the company's Monroe refinery. Looking ahead to fiscal 2026, UBS said investor expectations for Delta's full-year guidance vary following the stock's roughly 28% gain year to date. The brokerage believes the market is looking for earnings guidance in the range of $6 to $7 per share, compared with its own estimate of $6.70 and the Wall Street consensus of $5.99. That compares with Delta's initial fiscal 2026 guidance of $6.50 to $7.50 per share issued in January. UBS noted that achieving the lower end of that original range would imply fourth-quarter earnings of about $2.00 per share, assuming third-quarter earnings are around...

Exxon Mobil Corp (NYSE:XOM, XETRA:XONA) updated its second quarter 2026 earnings considerations after the market close on Tuesday, prompting UBS to slightly lower its earnings estimate while noting stronger quarter-over-quarter performance across the company's major business segments. Following the filing, UBS reduced its second quarter earnings per share estimate to about $3.14 from its prior forecast of $3.20. The revised estimate is below the current Wall Street consensus of approximately $3.43 per share. The analysts said the quarter-over-quarter improvement was driven primarily by higher crude oil prices, stronger refining margins and improved commodity chemicals margins. UBS also said it had lowered its 2027 forecasts after its commodities team revised its oil price outlook. The firm now expects West Texas Intermediate crude to average $75 per barrel in 2027, down from its previous estimate of $80 per barrel. Based on ExxonMobil's earnings considerations filing, UBS now expects upstream earnings of $8.63 billion for the second quarter, up from $5.7 billion in the first quarter and $5.4 billion in the year-earlier period. The bank also raised its estimate for Energy Products earnings to $3.45 billion, compared with a loss of $556 million in the first quarter and earnings of $1.4 billion a year earlier. For Chemical Products, UBS increased its forecast to $1.22 billion from $110 million in the prior quarter and $293 million a year earlier. Specialty Products earnings are now projected at $891 million, compared with $651 million in the first quarter and $780 million in the second quarter of 2025. UBS noted that production disruptions related to the Middle East would reduce earnings by an estimated $700 million in the upstream business, $300 million in Energy Products and $200 million in Specialty Products, lowering total earnings by about $1.2 billion, or $0.28 per share. "If these were to be treated as special items, earnings would be closer to $3.43 per share," the analysts wrote. The firm also noted that ExxonMobil expects to record a $1.1 billion charge related to other items, including reserves, which UBS excluded from its clean earnings estimate. In addition, UBS said timing effects would provide a $2.6 billion benefit to earnings. However, because those gains largely reverse first-quarter impacts, the firm included them in its clean earnings per sh...

Carter's (CRI) fundamentals in fiscal Q2 were "generally solid," and the company's results will like

Apple Inc (NASDAQ:AAPL, XETRA:APC)'s App Store revenue growth slowed in the June 2026 quarter, according to an analysis by UBS, which tracked third-party App Store data from Sensor Tower. UBS analysts wrote that the App Store recorded approximately 3% year-over-year growth on a reported basis during the quarter, while growth was around 2% on a foreign exchange-neutral basis. The firm noted that growth slowed by roughly 440 basis points compared with the prior quarter, despite only a slightly more challenging comparison period. The US market was a key source of weakness, with App Store revenue declining approximately 6% year-over-year in the quarter, UBS wrote. In other regions, the App Store grew about 9% year-over-year on a reported basis. UBS wrote that Apple’s September 2026 quarter will face an easier comparison period, with the year-over-year growth benchmark expected to be around 10%, approximately 270 basis points lower than the June quarter comparison. The analysts maintained their June-quarter Services revenue estimate, forecasting growth of about 14.3% year-over-year, compared with consensus expectations of roughly 14.5%. UBS wrote that the estimate remains unchanged despite potential downside risks from slower App Store growth, noting that Apple’s Services segment continued to show strength in the March 2026 quarter, when Services revenue increased about 16.3% despite App Store growth of roughly 8%. UBS also flagged slowing growth in generative artificial intelligence-related activity, which it views as a contributor to App Store growth. The firm wrote that AI-related growth may be moderating due to tougher comparisons and increasing market saturation. For valuation, UBS maintained a price target of $296 for Apple shares, based on a valuation multiple of 30 times its calendar 2027 earnings-per-share estimate of $9.86. UBS wrote that the valuation reflects balanced expectations for solid demand alongside uncertainty surrounding Apple’s artificial intelligence strategy. Shares of Apple were little changed at $313 on Tuesday afternoon.

Helen of Troy (HELE) is likely to keep its fiscal 2027 guidance, while better sales trends, possible

Make better investment decisions with Simply Wall St's easy, visual tools that give you a competitive edge. The updated analyst narrative on National Atomic Company Kazatomprom JSC centers on a higher fair value estimate, with the price target raised from US$85.53 to US$92.32. Recent research points to a mix of optimism and caution around uranium pricing, earnings momentum and how much of that story is already reflected in Kazatomprom’s valuation, which helps explain the shift in fair value thinking. As you read on, you will see how these changing assumptions fit together and what to watch as the narrative continues to evolve. Analyst Price Targets don't always capture the full story. Head over to our Company Report to find new ways to value National Atomic Company Kazatomprom JSC. UBS has initiated coverage of National Atomic Company Kazatomprom JSC with a Buy rating and a US$90 price target, signaling that at least one major firm sees upside relative to the recently raised fair value estimate. UBS highlights Kazatomprom as a way to gain direct exposure to the uranium upcycle. The firm links this to earnings that are closely tied to pricing, an angle that appeals to investors looking for clearer revenue drivers. The UBS thesis also stresses what it views as an attractive valuation. In the firm’s view, current pricing does not fully reflect the earnings potential implied by uranium market conditions. JPMorgan recently downgraded Kazatomprom, signaling more caution on the stock and offering a counterpoint to the UBS initiation, although specific concerns, such as valuation, execution risk or uranium price sensitivity, were not detailed in the available summary. The presence of both a fresh Buy initiation and a downgrade in a short time frame underlines that analysts are split on how much uranium pricing and earnings momentum are already reflected in Kazatomprom’s valuation. Do your thoughts align with the Bull or Bear Analysts? Perhaps you think there's more to the story. Head to the Simply Wall St Community to discover more perspectives! We've flagged 1 risk for National Atomic Company Kazatomprom JSC. See which could impact your investment. Fair value adjusted from US$85.53 to US$92.32. Revenue growth assumption revised from 20.54% to 22.04% in KZT terms. Net profit margin assumption moved from 32.85% to 32.50%. Future P/E multiple updated from 13.20x to 14...

US airline stocks could require stronger earnings expectations to sustain recent gains, according to UBS, which wrote that investor focus is likely to shift back toward company fundamentals as geopolitical concerns ease. The airline sector has rallied in recent days, with the U.S. Global Investors (NASDAQ:GROW) Jets ETF (JETS) gaining 12% over the past three trading sessions amid optimism surrounding a potential resolution to the Iran conflict and the possible reopening of the Strait of Hormuz. However, UBS wrote that airline shares retreated from their intraday highs during the latest session, suggesting the group could enter a period of consolidation in the near term. The firm wrote that volatility tied to macroeconomic and geopolitical headlines should normalize, placing greater emphasis on second-quarter earnings results and company outlooks. UBS wrote that upward earnings revisions will likely be needed to drive the next leg higher for airline stocks, noting that valuation expansion has already contributed significantly to recent gains. Based on 2027 consensus estimates, UBS noted that Delta Air Lines Inc (NYSE:DAL) trades at roughly 10.5 times earnings, Southwest Airlines Co (NYSE:LUV) at 10 times, United Airlines Holdings Inc (NASDAQ:UAL, XETRA:UAL1) at 8.5 times, American Airlines Group Inc (NASDAQ:AAL, XETRA:A1G) at 7 times, Air Canada (TSX:AC.B) at 10.5 times, and Alaska Air Group (NYSE:ALK) at 8 times. The firm characterized most of those valuations as broadly reasonable to fully valued, while identifying United and Alaska as carriers that could still see additional valuation upside. The analysts also highlighted potential upside to industry revenue expectations. UBS wrote that consensus second-half revenue per available seat mile (RASM) forecasts for the three largest US carriers imply a slowdown in demand later this year. However, its industry checks and discussions with companies have not yet indicated a meaningful deterioration in demand trends. That dynamic could create room for higher RASM estimates and earnings revisions, particularly if lower fuel costs are accompanied by stable demand. Among major carriers, UBS wrote that United Airlines appears best positioned to benefit from both earnings growth and potential valuation expansion. The firm estimated that United's stock could gain an additional 12% if its valuation premium relative to Del...