<ul><li>Morgan Stanley analyst Erik Woodring expects a surge in iPhone demand over the near term.</li><li>Woodring reiterates a 'buy' rating on Apple stock with a $273 price target, suggesting 26% upside.</li><li>He emphasizes that the multiyear iPhone upgrade cycle is a 'when, not an if'.</li><li>CFRA senior equity analyst Angelo Zino agrees that early iPhone lead times are not a reliable demand indicator.</li></ul>

Morgan Stanley: Apple’s multiyear iPhone upgrade cycle is a ‘when, not an if’

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