Apple (AAPL) could face downside risk from shorter wait times for its new iPhone models, UBS Securities said in a Thursday note.

UBS Evidence Lab data indicated that average wait times were about four days shorter for the iPhone Pro and relatively flat for the Pro Max year over year, according to the note.

Week-on-week data, however, points to limited upside for iPhone estimates, with average wait times declining by about a day for the Pro and roughly 5 days for the Pro Max, the brokerage said.

"Considering that Apple raised prices across the lineup this year, raising the risk of demand elasticity, declining wait times against a stable supply backdrop are an increasing concern in our view," analysts said. The iPhone Duo could also take demand from the Pro Max and further cut wait times, they added.

UBS Securities has a neutral rating on Apple, with a $296 price target.

Apple shares were 0.9% higher in Friday trading.

Price: 345.08, Change: +3.07, Percent Change: +0.90