Morgan Stanley notes that the firm’s Greater China technology hardware team is raising their September quarter iPhone build estimate to 54M units, or flat year-over-year, from a prior call for 50M units, or down 7% year-over-year, as a result of better than expected iPhone sell-through in the June quarter that reduced iPhone channel inventory. However, this is already embedded in the firm’s 55M shipment forecast for fiscal Q3, the analyst also noted. Looking beyond the iPhone 16, calendar 2025 second half iPhone 17 builds remain unchanged at 80M-85M units, or down 5% to up 1% year-over-year, adds the analyst, who has an Overweight rating and $240 price target on Apple (AAPL) shares.
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