Morgan Stanley said Apple’s supply chain earnings and other data showed that demand for the iPhone 12 and iPhone 12 Pro was much stronger than expected. In a note to investors seen by Apple insider, analyst Katy Huberty pointed out that Apple’s U.S. suppliers had stronger than expected revenue and earnings in the past week, a sign of strong supply chain orders. < / P > < p > seven apple suppliers, including Qualcomm, Texas Instruments, qorvo and cirrus logic, reported surprisingly higher results, averaging 7% above consensus expectations. The guidance issued by these suppliers is also about 13% higher than the consensus, which means that after three years of seasonally flat growth, quarterly revenue is up 12% year-on-year. < p > < p > Huberty pointed out that the delayed launch of the iPhone 12 mini and iPhone 12 Pro Max may be the reason for this better seasonal growth, but the supplier’s comments also showed that the demand exceeded previous expectations. The data is also in line with growth in iPhone construction in the December quarter and signs of demand for currently released models. Huberty pointed out that the average delivery time of the iPhone 12 Pro is still 25 days, the longest of all iPhone models in the current cycle. < / P > < p > the analyst said supply chain data and longer delivery times supported Morgan Stanley’s higher than consensus forecast of 2200 million iPhones for the calendar year 2021. All of this points to the best of the iPhone 12 product line, as the combination of more models, 5g support and aggressive carrier subsidies is likely to accelerate iPhone revenue growth from the already strong c3q level. < p > < p > Huberty’s 12-month AAPL target price is still $136, based on 5.9x EV / sales multiple of Apple products business and 10.5x EV / sales multiple of Apple services business. As a result, the EV / sales multiple in 2021 is 6.7 times, and the target price earnings ratio for that year is 33.3 times. AAPL shares closed at $116.64 in intraday trading on Friday morning. The iPhone 12 keynote has been recorded in Apple park