Nomura's Stuart Jeffrey's decision to start Apple (AAPL -1.9%) at Neutral has two parts: he...

|About: Apple Inc. (AAPL)|By:, SA News Editor

Nomura's Stuart Jeffrey's decision to start Apple (AAPL -1.9%) at Neutral has two parts: he thinks iPhone/iPad Mini supply constraints will limit Dec. quarter sales, and he thinks growth will decelerate from 2014 onwards. Developed markets growth is seen falling into the single digits, and while emerging markets are expected to be stronger, Jeffrey thinks Apple will need to sacrifice iPhone margins, as it goes after cost-sensitive customers receiving lower subsidies. Apple is now down 11% from its Sep. 21 high.