Morgan Stanley analyst Katy Huberty said she views recent iPhone supply chain data points as “noise rather than an indicator of demand” and she sees the recent pullback in Apple shares as a buying opportunity. Following a recent report from the Nikkei that claimed “the US tech giant is cutting orders for all iPhones around 20% compared to its plans in December,” Morgan Stanley’s Greater China Technology Hardware research team published a note that said their checks indicate build orders for iPhone 12 models excluding the mini and legacy iPhone 11 models are being revised up, not down, Huberty tells investors. In addition, Apple’s Taiwanese suppliers are posting accelerating year-over-year growth and iPhone shipments in China remain strong, said Huberty, who keeps an Overweight rating and $164 price target on Apple shares.