Apple (AAPL) may not be “doomed,” but it certainly is dealing with some of the toughest competition that we’ve seen in a long time. CNET points us to a new note written by Citi analyst Glen Yeung claiming that demand for the iPhone 5 has softened and that the iPad mini is cannibalizing sales of the 9.7-inch iPad, thus limiting Apple’s ability to sell larger tablets. As a result of this, Yeung has cut his iPhone sales estimate to 34 million from 35 million this quarter, while also slashing his total June-quarter iPad sales estimate from 19.6 million to 19 million.

Yeung also claims that “despite much speculation amongst investors and third-party research,” he has seen no evidence that Apple is preparing to launch a cheaper version of the iPhone anytime this year. Yeung does expect Apple to launch the iPhone 5S this summer and to release a larger “iPhablet” in late 2013 or early 2014, however, and he says that the second-generation iPad mini will likely launch this fall.