Morgan Stanley Sees Surprise Upside In Apple's iPhone Production

Apple Inc AAPL iPhone production could surprise to the upside this quarter, Morgan Stanley analyst Katy Huberty notes, as lead times are declining to "more normalized levels."
Citing a "handful" of data points that the firm has seen over the past month, Huberty mentions that the supply of semi-related components is improving, and iPhone builds in the December quarter are "stable" at 82 million units.
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Additionally, Apple sees an improved supply for power management integrated circuits and world-facing camera modules.
All of which suggests that iPhone builds in December are likely to be flat or slightly down month-over-month, compared to a significant month-over-month decline in previous years.
Price Action: AAPL shares traded higher by 0.85% at $174.46 on the last check Wednesday.

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