<div id="readability-page-1"><div id="ArticleBody-InlineImage-107299919"><div><div><p>Apple CEO Tim Cook holds a new iPhone 15 Pro during the 'Wonderlust' event at the company's headquarters in Cupertino, California, U.S. September 12, 2023.</p><p>Loren Elliott | Reuters</p></div></div></div><div><p>Lead time and pre-orders for <span id="RegularArticle-QuoteInBody-1"><span><span id="-WatchlistDropdown"></span></span></span> latest iPhone are &#34;better than feared,&#34; Morgan Stanley analysts wrote in a note on Monday.</p><p>Lead times for the iPhone 15 Pro Max are averaging five to six weeks, the analysts wrote, &#34;the longest of any model launched in the last 7 years.&#34; And reports from Chinese news agencies &#34;suggest solid early pre-order demand for the iPhone 15,&#34; they added, despite investor concerns that have focused on China.</p><p>&#34;While it's far too early to call the cycle, these data points are encouraging, especially given such extreme negative investor sentiment, which has caused Apple to underperform the market by 7 points since headlines of Chinese government bans emerged on September 6th,&#34; the analysts wrote,  that the Chinese government had barred officials from bringing iPhones to government offices or using them for work.</p><p>A Chinese Ministry of Foreign Affairs spokesperson last week  that the government has instituted a policy banning the purchase or use of foreign phone brands like Apple.</p><p>Morgan Stanley said the lead time for the latest iPhone line in the U.S. is a reflection of &#34;both supply constraints and strong early demand.&#34; In China, the lead time and pre-order data are a positive surprise given the earlier reports of a possible ban and the strength of Chinese phone maker Huawei, the analysts said.</p><p>The firm has an overweight rating on Apple's stock with a $215 price target.</p><p>&#34;If iPhone 15 lead time and pre-order data continue to surprise to the upside, and/or if iPhone builds remain stable, we'd expect to see a short-term recovery in Apple shares,&#34; the analysts wrote.</p></div></div>

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<p>Morgan Stanley said the lead time for the latest iPhone line in the U.S. is a reflection of "both supply constraints and strong early demand.</p>

Apple's latest iPhone pre-order data is 'better than feared,' Morgan Stanley says