Analyst claims iPad mini cannibalizing iPad 4 sales, raises iPhone 5 sales forecast

Apple (AAPL) is finally catching up to the overwhelming demand for its latest iPhone 5 according to analyst Shaw Wu from Sterne Agee. Wu says production of the iPhone 5 has increased from delays of two to four days to same day, meaning Apple can ship them to customers sooner. He has increased his forecast that Apple will sell 47.5 million iPhone 5s this quarter instead of the 46.5 million he had previously projected. More interesting, though, is his warning that the iPad mini is cannibalizing sales for the fourth-generation iPad. Wu’s lowered his expected sales forecast for the 9.7-inch tablet from 25 million this quarter to 23.5 million. Wu believes larger iPad sales will see a decline as consumers trend towards tablets with smaller form factors and 7-inch displays. Apple CEO Tim Cook has said before that he’s not worried about product cannibalization as long as it’s within the company and not by a competitor.