By James Rogers

Wall Street is still talking about Apple's (AAPL) iPhone 5 sales, and on Tuesday Nomura Equity Research cut its estimates and price target for the tech giant.

Citing "signs of weaker-than-expected​" iPhone 5 sales, Nomura cut its iPhone unit estimates for fiscal year 2013 by 5% to 157 million from 166 million. For fiscal 2014, the research firm slashed its estimate by 8% to 184 million iPhones from 199 million.

Nomura, which also cut its Apple price target to $530 from $660, lowered its December quarter iPhone sales estimate to 48 million units from 50 million and its March quarter prediction to 39 million from 43 million.

Shares of Apple and some of its key partners came under pressure on Monday following a Wall Street Journal report that the tech giant has cut iPhone component orders because of "weaker-than-expecte​d" demand during its January to March quarter.

While the report was greeted with skepticism by TheStreet's Rocco Pendola and Chris Ciaccia, Apple's stock reacted nonetheless, falling 3.5% during Monday trading.

Shares of Apple were recovering Wednesday, up over 4% to $507.46 during afternoon trading.

Nomura analyst Stuart Jeffrey warned in a note released on Tuesday that Apple's near-term catalysts appear weak.

"Launch of iPhone 5S or iPad mini with Retina display could be positive but seems unlikely to materially boost demand," he wrote. "iOS7 launch may prove more critical (likely due in June), but recent management changes [at Apple] may limit extent of enhancements."

Jeffrey added that the benefits of the rumored deal between Apple and China Mobile may not be felt until 2014.

In its note on Tuesday, however, Nomura raised its iPad unit estimates from 19.2 million to 21 million for the December quarter, and from 18.2 million to 20.6 million for the March quarter, boosted by demand for the iPad Mini. For fiscal 2013, the equity research specialist hiked its iPad forecast from 79.9 million to 89.6 million.

Nomura forecast Apple fiscal 2013 and 2014 earnings of $45 a share and $50 a share, respectively. Analysts surveyed by Thomson Reuters expect the iPhone maker to report earnings of $48.46 a share and $56.82 a share, respectively.

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.

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