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Nomura is seeing signs of weakness in preorders of Apple Inc.'s (AAPL) - Get Free Report iPhone 8 as slower promotional activities and the launch of the company's special edition iPhone X potentially cannibalize sales.

The firm sees the shift to the higher margin iPhone X as a net positive, however. 

"We believe slow carrier promotions and relatively modest feature upgrades to the 8 are shifting demand to the X, which is a positive for Apple. We cannot rule out the possibility, however, that installment plans and high ASPs are inhibiting demand," Nomura said in its note. 

Nomura has a price target of $185 and a "buy" rating on Apple shares. 

Preorders for the iPhone X don't begin until October 27. 

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