Prior to the announcement of the iPhone, institutional investors had Apple pegged as "neutral/negative" MS

Investors are "somewhat more positively skewed" on Apple (NASDAQ:AAPL) ahead of its iPhone event next week than they were before the company's most recent earnings report, according to investment firm Morgan Stanley, although institutional investors are still leaning against the tech titan.

Apple (AAPL) is still a "battleground" for investors, according to analyst Erik Woodring, as bears think the company overearned in fiscal 2021 and fiscal 2022 while bulls think the company is more resistant to macroeconomic problems. The analyst stated that since releasing its most recent quarterly results, Apple (AAPL) shares had outpaced the S&P 500 by 3%.

Despite this, Woodring stated in a note to clients that "we still believe that institutional investors are positioned neutral/negative" and that "any positive surprises on iPhone pricing, new features, carrier/channel subsidies, and/or other products launched can help shares re-rate towards our $180 price target."

In premarket trading, Apple (AAPL) shares were slightly higher at $158.18.

The Apple (AAPL) product portfolio for the iPhone 14 as well as new Apple Watch models and perhaps upgraded AirPods are all scheduled to be unveiled the following week.

This week, new statistics from Counterpoint Research showed that Apple (AAPL) now accounts for more than half of all smartphones used in the United States, surpassing Android (GOOG) (GOOGL).