New iPhones See 'Stronger Than Expected' Demand With One Exception
Nearly two weeks after the iPhone 17 series launched, analysts at investment banking firm Morgan Stanley said demand for the devices has been "modestly stronger than we originally expected," based on a combination of extended shipping estimates on Apple's online store and information it gathered from Apple's supply chain.
There has been strong early demand for the iPhone 17, iPhone 17 Pro, and iPhone 17 Pro Max, according to the analysts. However, they said the ultra-thin iPhone Air has faced "relative weakness" in demand so far.
"Our supply chain checks suggest an iPhone 17 build increase is likely imminent," wrote Morgan Stanley analyst Erik Woodring, in a research note today. In the second half of 2025, Apple's supply chain might increase its production of the new iPhones to more than 90 million units, up from 84 million to 86 million units currently, the note said.
Morgan Stanley has raised its price target for Apple shares to $298. However, analysts believe the company's stock price already reflects strong demand for the iPhone 17 series, and they would need to see even more upside "to argue for more sustained near-term stock outperformance." Apple's shares are trading for around $256 at the time of writing.
The analysts are bullish about iPhone shipments in 2026 and 2027, as Apple is widely expected to release its first foldable iPhone model in September next year.
"iPhones are getting old and Apple's biggest innovation in years less than 12 months away," the analysts wrote, in reference to the long-rumored foldable iPhone.
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