In his note to investors titled "iPhone Impresses but Questions Persist,"Yeung cites reported iPad shipments were down year to year while the overall industry tablet growth which is up sharply.
Apple reported 14.6 million iPads were sold during the company's third quarter, down from last year, when Apple sold 17 million iPads.
Year-to-year growth for iPad units will decline 7% for the upcoming quarter, notes Yeung. Even if Apple were to grow shipments by 75%, (6% year-to-year growth), they are still well below the industry growth of 58.7%
In the report, it was reiterated that Apple will be launching an iPad 5 and a new iPad mini in the coming months, which contradicts previous reports that there would be no iPad mini in 2013.