The crosstabs seem off; Romney is getting 17% of blacks and LEADING with Native Americans.
That evens out with obama getting 40% of whites, which is of course far higher than reality.
Gore managed 43%, Kerry 41% and Obama pulled 43% in 2008. Why would you expect Obama to do worse than 40% this time around? If the narrative is "horse race", then 40% of whites is probably the floor for Obama.
Maybe because of the undecideds.
Even factoring that in, though, Obama's worst possible polling should be around 36-38%, hardly "far lower" than 40.