Concerns about iPhone 16 lead times could send Apple shares lower in the near term, according to Morgan Stanley.
This has led to the stock underperforming by an average of five points in the three months following an iPhone launch.
"What will matter most over the next 10 days is the trajectory of iPhone 16 lead times, as historically iPhone lead times elongate through the first in-store availability date (Friday, September 20th) before gradually trending lower in the weeks thereafter," the analyst wrote in a Wednesday note to clients.
"Therefore, a more sustained elongation in iPhone 16 lead times from today should be viewed positively, while a sharp reversal in iPhone 16 lead times after Friday would likely indicate a greater risk of negative iPhone build revisions."
With 48 analysts covering the stock, 36 of them have a strong buy or buy rating, while 11 are neutral.
Persons:
Morgan Stanley, Erik Woodring, Woodring, Wall
Organizations:
Apple