If Apple could have met the iPhone 5S demand in the recently concluded September quarter, the company could have sold as many as 37 million units according to new data from Morgan Stanley. Analyst Katy Huberty revealed that her firm’s “Smartphone Tracker” research shows demand for the iPhone in the September quarter at 37 million units. However, due to supply constraints, she believes Apple likely shipped around 34.5 million units.

Verizon recently reported this week that it faced iPhone shortages at the end of the quarter, when the iPhone 5S launched and was faced with considerable demand.