Yes - chiefly because of his opponent.
Mitt Romney is too inconsistent in his policies and viewed as far too out of touch with the problems which really face America. The financial crisis hit the average American very hard, and anti-wall street sentiment is high. The US has been in a recession for years now with millions facing home repossessions while the banks are bailed out and appear to ride high on a wave of government handouts, facing no punishment for their actions. Romney is seen as too rich and too in league with wall street, not wanting to actually address the problems facing the average voter but to simply make his banking friends richer.
All this makes him an unappealing prospect for the middle-ground independents, and sweeps any accusations that Obama has become too close to wall st under the carpet - it makes Obama look like a man of the people without him even having to try and portray this image, and it's something he'll capitalise on.
Also he's a Mormon. This alone will grate with the highly evangelical sections of the republicans and the tea party movement, which will undo all the benefit of the "anyone but Obama" sentiment.
And he's just unpalatable to Democrats.
So pushing more middle ground voters towards Obama and giving his own core supporters pause as to whether or not to actually back him.