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All of that talk that Apple has reduced iPhone 5 component orders due to slumping demand for the smartphone might be wrong.

Sterne Agee analyst Shaw Wu today wrote in a research note to investors that Apple's reported cuts to component orders have nothing to do with weak demand. Instead, Wu said that while component orders are lower, they're due to "much improved yields meaning lower component builds and supplier shifts."

"As far as we can tell, iPhone 5 demand remains robust," Wu said.

Baird analyst William Power offered up a similar evaluation to investors today, saying that he was "actually raising our calendar fourth quarter iPhone forecast slightly," adding that "most demand indicators remain favorable."

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