Morgan Stanley: iPhone 18 Production Up 18%, Demand Exceeds Concerns

Morgan Stanley reported on September 16, 2026, that iPhone 18 Pro and Pro Max production increased by 18% year-over-year. Despite concerns that price hikes would dampen demand, delivery lead times remained stable, suggesting healthy demand. The bank maintained an overweight rating on Apple with a target price of $360. While delivery times in China decreased, global averages remained steady, which the bank views as a positive early indicator of demand strength supported by carrier subsidies and leasing options.