Morgan Stanley is estimating that iPhone sales for Q3 (Apple’s fiscal Q4) will hit 34.5M, 28 percent higher than the 26.9M sold in the same quarter last year, reports Fortune.

The estimate is 11 percent higher than the market consensus forecast of 31M handsets, though still below the 47M sales the same tracker forecasts for the Samsung Galaxy line.

The reality, of course, depends on how consumers respond to both the new phones and iOS 7. Early reviews of both the handsets and the latest version of iOS are looking encouraging. It’s certainly going to be a very interesting quarter to watch.