"Given recent data points from the supply-chain we are modestly lowering our March quarter and beyond estimates to reflect seasonal declines in iPhone’s coupled with better demand for iPad mini that is likely cannibalizing iPad 4's," he writes in a research note. "Our checks suggest AAPL is guiding the supply chain towards seasonal patterns for iPhone’s implying units may decline ~10% quarter-over-quarter."
He adds that long term Apple "can sustain double-digit revenue and EPS growth on the back of iPhone, iPad and possible launch of an iTV."
For the September 2013 fiscal year he now sees revenue of $187.8 billion and profits of $48.64 a share, down from a previous forecast of $193 billion and $50 a share. He maintains his December quarter iPhone revenue forecast of 47 million units, but brings down his March quarter forecast by 8 million units to 42.1 million.
AAPL is down $5.73, or 1.1%, to $516.