[Morgan Stanley: iPhone 18 Delivery Cycle Stable, Demand Better Than Feared] Deep Tide TechFlow reports, according to Tide Research, Morgan Stanley's September 16, 2026 research note indicates that four days after the iPhone 18 Pro/Pro Max pre-sale began, the global delivery cycle is 2 to 4 weeks, essentially unchanged from the same period last year. Apple's second-half Pro/Pro Max production is 71 million units, compared to 60 million units in the same period last year, an 18% year-over-year increase. In the U.S., the Pro Max delivery cycle is 22.5 days, unchanged from last year; in Japan, it is 29.5 days, 5.5 days longer than last year; in China, it is 27 days, 3.5 days shorter than last year. The global average Pro Max delivery cycle is 25 days, 0.4 days longer than last year. Morgan Stanley believes that the stable delivery cycle alongside a significant increase in production suggests demand may be better than market concerns. The firm maintains an overweight rating for Apple, with a target price of $360, current price at $331.34, implying an upside potential of approximately 8.7%. Morgan Stanley recommends paying attention to whether Apple adjusts its production plan in mid-to-late October as a key signal to verify the strength of demand.