Barclays sees “muted” demand for iPhone 16 across the Pro and Base models based on shorter lead times versus last year. The firm’s channel checks are indicating lower demand during the first week of pre orders. “While it is still early and things could change, early signs are not encouraging,” the analyst tells investors in a research note. While the supply chain constraints on iPhone 15 Pro models extended lead times last year, iPhone 16 availability still shows weaker than expected demand, especially across the U.S. and China, contends Barclays. The firm keeps an Underweight rating on Apple with a $186 price target.