Stability in Apple iPhone lead times ‘encouraging,’ says Morgan Stanley

Morgan Stanley reports that as of October 11, iPhone 16 lead times are 3-10 days lower year-over-year, though Pro/Pro Max lead times have extended by two days, showing stabilization, which the firm calls “encouraging and in line with recent cycles.” Separately, recent checks show no adjustment to iPhone component shipments or builds yet, while new calendar Q3 IDC iPhone disclosures point to 56M shipments, or 2%-4% revenue upside, in the September-end quarter, the analyst tells investors. The firm keeps an Overweight rating and $273 price target on Apple shares.