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Those on Wall Street looking for an epic amount of Apple (AAPL) iPhone 8 sales -- dubbed the 'supercycle' -- just got some strong supporting evidence. 

About 92% of iPhone owners say they are "somewhat likely or "extremely likely" to upgrade their smartphone in the next 12 months, according to a new note from Morgan Stanley. The loyalty rate is up sharply from 86% one year ago.

Morgan Stanley's data is based on an April 2017 survey of 1,000 smartphone owners aged 18 and above in the U.S.

The wildcard: the survey arrives before iPhone users get a look at the price tag on the iPhone 8, which Goldman Sachs thinks could hit the market at a whopping $1,000. 

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Editor's Pick: Originally published May 17.