NEW YORK (TheStreet) -- Shares of Apple (AAPL) are up 0.08% to $112.74 in pre-market trading after Morgan Stanley said its tracker indicates a 67 million unit demand for the iPhone in the December quarter, above its estimate of 62 million units and the sell-side consensus of about 63 million.
"If these numbers hold for the last two weeks of December, it means channel inventory fill for the iPhone will have to occur in the March quarter or beyond," Morgan Stanley noted from the reading of its AlphaWise Smartphone Tracker.
Analysts estimate a two-week channel inventory replenish could add about 7 million units on top of end demand.
Additionally, year-over-year growth in the U.S., Apple's biggest market, in the December quarter is tracking in-line to overall global trends, Morgan Stanley said.
In China, which is likely Apple's second largest iPhone market, demand is tracking nearly 3x global year-over-year growth, they added.
Separately, TheStreet Ratings team rates APPLE INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate APPLE INC (AAPL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share, revenue growth, notable return on equity and expanding profit margins. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."