The shortened initial delivery time does not reflect demand. Morgan Stanley maintains an "overweight" rating on Apple Inc. (AAPL.US) and states that the next 10 days will be crucial.

Morgan Stanley has given Apple Inc. (AAPL.US) a "overweight" rating and set a target price of $273. Analyst Erik Woodring pointed out in a report on Wednesday that current iPhone demand data does not necessarily reflect future demand, and that it is too early to judge iPhone shipment volumes for the next 12 months. He wrote, "The delivery time for the iPhone 16 is shorter compared to last year, but at this early stage, delivery time as a proxy indicator of demand does not have strong predictive power. The changes in delivery time in the next 10 days are more important." The lower-than-expected pre-order sales of the iPhone 16 series over the first weekend have raised concerns. According to a report from TF International Securities analyst Ming-Chi Kuo, pre-order sales for the iPhone 16 series over the first weekend are estimated to be around 37 million units, a decrease of approximately 12.7% compared to last year's iPhone 15 series, primarily due to lower-than-expected sales of the iPhone 16 Pro series. Kuo pointed out that the delivery time for the iPhone 16 Pro series is significantly lower than that of the 15 Pro series, and that while pre-order inventory has increased, the key factor in the decrease in sales compared to last year is the lower-than-expected demand.