Munster said the early iPhone data is reminiscent of the December 2001 quarter when Apple first released the iPod, also with disappointing numbers that ultimately came around. He said he still stands by his $205 price target, a Street high, and anticipates 3 million iPhones will be sold this year and balloon to 9 million units sold in 2008.
The iPhone, Munster said, remains "a game changer", adding, "there's been huge expectations for the iPhone and it has exceeded most of those expectations--200,000, or 300,000 in the grand scheme of what the iPhone is going to be is pretty small".
CIBC reported this morning that it has seen a significant decline in iPhone sales over the past ten days, with inventories at stores and demand thin.
The firm also said that it expects a new, 3G version of the iPhone to be released in the U.S. by November, ahead of the holiday season and earlier than expected. That news could stall iPhone sales even further if customers decide to put off their purchase and wait for the newer version to be released.
Apple reports its earnings Wednesday after market close.