Component makers had to change their production processes after Apple made design changes to the iPad2 before the Lunar New Year at the beginning of February.
The note said that if the launch of the iPad2 is delayed by two months, total iPad shipments would be 23 million units this year, down from the broker's original forecast of 30.6 million units.
Manufacturing sources have previously said the new model would have cameras on the front and and back of the device and would be slimmer, lighter and have a better resolution display than the first iPad.
