Nomura also cut its Apple revenue forecast for fiscal 2013 and 2014 from $188.34 billion to $182.98 billion and from $212.4 billion to $207.18 billion, respectively. Analysts surveyed by Thomson Reuters are looking, respectively, for $191 billion and $219.89 billion.
"We are more cautious than sell-side forecasts for revenue and gross margin, mostly driven by our expectation that iPhone gross margins and ASPs are unsustainably high," wrote Jeffrey.
Apple has not yet responded to TheStreet's request for comment on the rumor of weakening iPhone demand.
--Written by James Rogers in New York.Follow @jamesjrogers >To submit a news tip, send an email to: email@example.com.