From: Richard Kahn To: njeffrey E." Subject: Fwd: Apple, Inc.: Mar Q'16 Preview: iPhone Demand Better Than Expected Date: Thu, 21 Apr 2016 19:10:05 +0000 Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel 212-971-1306 fax 646-350-0954 cell 917-414-7584 Begin forwarded message: From: "Morgan Stanley" Subject: Apple, Inc.: Mar Q '16 Preview: iPhone Demand Better Than Expected Date: A ril 20, 2016 at 5:13:22 PM EDT To: < Reply-To: < WEALTH MANAGEMENT Subscription Notification: April 20 Apple, Inc.: Mar Q '16 Preview: iPhone Demand Better Than Expected Katy L. Huberty, CFA — Morgan Stanley April 20, 2016 9:05 PM GMT We raise iPhone estimates in 1H16, lower in 2H16 to reflect stronger than expected demand near-term, as highlighted by our AlphaWise Tracker. We like the set-up heading into a beat / in-line guide given shares trade at 6.5x EVIFCF and the company is likely to raise capital returns again this year. AlphaWise iPhone Tracker estimates 59M unit demand in the March quarter, an uptick from a month ago. Our Tracker, which compiles sell-through data using web search EFTA00682638