Verizon Could Owe Apple Inc. (AAPL) $12-14 Billion For iPhones

Nomura analyst Stuart Jeffrey believes a “key element” of Apple’s  iPhone business model is at risk as $23.5 billion in purchase commitments from Verizon Wireless come due this year. Jeffrey said Verizon Communications Inc. (NYSE:VZ)’s contract with Apple Inc. (NASDAQ:AAPL) appears to end this year as the deal comes due, with a liability of nearly $12 billion outstanding. A Verizon Communications Inc. (NYSE:VZ) shortfall of $12-14 billion would be valued at $4-5 per share. Nomura : Key elements of Apple’s iPhone business model at risk Nomura believe that the terms of Apple’s and Verizon Wireless’s contract may mitigate some of…