Morgan Stanley says that iPhone 16 lead times as of September 24, or 11 days after pre-orders started, are following the same trajectory, but tracking lower, than the past three iPhone cycles. While supply is improved, and the firm hears anecdotes of positive iPhone 16 demand, Morgan Stanley still interpret these data points that are more negative than positive for the iPhone 16 cycle “more cautiously” as the firm argues “they still have little predictive power over the full cycle.” The firm, which still expects any potential iPhone build revisions to come in early-to-mid October, keeps an Overweight rating and $273 price target on Apple shares.