Morgan Stanley analysts told investors in a note Monday that Apple (NASDAQ:AAPL) iPhone 15 lead times have extended to record highs across all models.
The analysts, who have an Overweight rating and a $215 price target on the stock, said that as of September 22, lead times for all iPhone 15 models are ahead of the iPhone 14 cycle, with Pro/Pro Max lead times at new records.
"iPhone 15 demand continues to outpace supply," they declared. "Lead times for all iPhone 15 models continued to elongate as of Friday, September 22nd, with iPhone 15 Pro Max lead times still the longest of any model launched in the last 7 years, iPhone 15 Pro lead times tied for the longest of any Pro model ever launched, and iPhone 15/15 Plus lead times longer than all base models except the supply-impacted iPhone 13/13 mini."
The analysts added that demand for the iPhone 15 family "remains robust relative to supply," and early positive user reviews "primarily point to 1) the new, lighter form factor, 2) bezel-less display, 3) 5x optical zoom, and 4) action button as the key new features driving early upgrades for the iPhone 15."
They also stated that while lead times continue to point to a better-than-expected start to the iPhone 15 cycle, "the next 2 weeks will be critical in determining how strong this cycle really is."