Apple seeing largest iPhone upgrade potential in China in at least 4 years, Morgan Stanley says

Apple seeing largest iPhone upgrade potential in China in at least 4 years, Morgan Stanley says

A woman using a smartphone walks past an Apple store in Shanghai, China, May 9, 2019.Qilai Shen | Bloomberg | Getty ImagesApple has "significant iPhone upgrade potential" in China ahead of the launch of its its next flagship smartphone, Morgan Stanley said in a note on Wednesday. Analysts at the investment back said that just over 68% of the iPhone install base in China is comprised of devices that are at least 2 years old. That's up nearly 8 percentage points from last year, and more than 20 percentage points from 2017, according to data collected by Morgan Stanley. "In our view, this speaks to the significant iPhone upgrade potential in China, the largest in at least 4 years, and helps support our bullish call that iPhone shipment growth can meaningfully accelerate