After Bloomberg said that Apple no longer plans to increase production of its new iPhone 14 models “after an anticipated surge in demand failed to materialize,” Morgan Stanley analyst Erik Woodring called headlines from the report “more bark than bite,” telling investors that the reporting does not imply any downside to his iPhone shipment forecasts of 51M units in the September quarter and 84.5M units in the December quarter. Woodring adds that it is still early in the cycle and “the next 3-5 weeks will remain critical” in determining the strength of the iPhone 14 cycle as the supply chain gets more demand feedback from the early post-launch period. Woodring keeps an Overweight rating and $180 price target on Apple shares, which are down $5.15, or 3%, to $146.61 in early pre-market trading.