Overview

• Morgan Stanley reports demand for iPhone 17, 17 Pro and Pro Max is modestly stronger than expected, and it raised its Apple price target to $298.
• The bank expects second‑half 2025 builds to rise from roughly 84–86 million units to the low 90 millions, with supply tilted toward Pro and Pro Max models.
• The ultra‑thin iPhone Air is showing relative weakness, and delayed availability in China complicates assessment of its global demand.
• JPMorgan’s survey finds purchase intent driven by performance, camera quality and aesthetics, with AI features ranking low as an upgrade motivator and a richer mix skewed to premium models.
• Reviews validate substantive upgrades—48MP telephoto and improved front camera, vapor‑chamber cooling, stronger durability and battery gains—and U.S. carrier trade‑in and financing offers are materially boosting uptake.