Morgan Stanley analyst Erik Woodring reiterated Apple Inc
iPhone 15 demand continues to outpace supply, with lead times for all iPhone 15 models ahead of the iPhone 14 cycle and lead times for the Pro/Pro Max at record highs reflecting the success of the new, lighter form factor, bezel-less display, 5x optical zoom, and action button as the key new features driving early upgrades for the iPhone 15.
Looking at past cycles, new model iPhone lead times generally extend in the first week after pre-orders begin before starting to level off/contract.
Therefore, it will be critical to observe how iPhone 15 lead times trend this week and into early October when iPhone 15 Pro Max supply improves and Apple adjusts its build forecast based on early pre-order demand.
iPhone 15 Pro Max lead times are 45 days in the U.S. and 47 days, on average, internationally.
Internationally, iPhone 15 Pro Max lead times are highest in Japan (51 days), China (50 days), and Germany (48 days).
iPhone 15 Pro lead times are now 35 days in the U.S. and 36 days internationally.
Internationally, iPhone 15 Pro lead times are higher than in the U.S. in Japan (44 days), Germany (37 days), and China (36 days).
iPhone 15 Plus lead times are 16 days in the U.S. and 17 days internationally.
iPhone 15 lead times are 16.5 days in the U.S. and 17 days internationally.
The analyst projects Q4 EPS of $1.39 vs. consensus of $1.30.
Price Action: AAPL shares traded higher by 0.73% at $176.03 on the last check Monday.
