Epstein File EFTA02572521: Document from Set 11 (DS11)

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Epstein File EFTA02572521: Document from Set 11 (DS11)

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Morgan Stanley financial analysis dated November 2017 discussing iPhone X market performance, including unlocking of pent-up iPhone upgrades particularly in China, forecasting 268 million iPhone unit shipments for calendar year 2018 versus consensus forecast of 242 million, and projecting positive earnings revisions for AAPL shares based on iPhone X shipment ramp.

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calendar iPhone

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Excerpt 1

Huberty, CFA =E2 Morgan Stanley November =, 2017 3:32 AM GMT We see **iPhone** X unlocking =ent-up **iPhone** upgrades, especially in China, driving 20%+ **iPhone**

Excerpt 2

Our bottom-up **iPhone** unit =orecast by region points to 268M **iPhone** shipments in CY18, ahead of =onsensus forecast of 242M.

Excerpt 3

We see further upside to AAPL shares =n the back of positive earnings revisions as **iPhone** X shipments ramp.