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Munster ‘Wouldn't Bet Against’ Apple iPhone 5

Apple will take a quarter to work out kinks in its iPhone 5 supply chain, pushing sales of the smartphone well above the 5 million weekend number, Piper Jaffray’s Gene Munster said Monday on CNBC.

“Five million doesn’t tell the story,” he said on “Fast Money.”

Munster noted that Apple did not count in its final number online orders of the iPhone 5 that have yet to ship.

(Read More: iPhone 5 Potential ‘100% Greater’: ISI’s Marshall)

“We know the initial demand for online orders was 2x what it was for the 4S, and so that would basically apply about an 8 million number,” he said. “Second, we know there’s a supply constraint.

“Unfortunately, I got this wrong, and I didn’t have all the information about the supply.”

Munster stood behind his estimate of 49 million iPhone sales for December, noting that the risk a would-be Apple iPhone buyer would switch to the Google Android platform was about 6 percent.

“I wouldn’t bet against it,” he said.

Trader disclosure: On Sept. 24, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s “Fast Money” were owned by the “Fast Money” traders: Tim Seymour is long BAC; Tim Seymour is long INTC; Tim Seymour is long SBUX; Tim Seymour is long MSFT; Karen Finerman is long AAPL; Karen Finerman is short AAPL call spreads; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long MSFT; Karen Finerman is long GOOG; Karen Finerman is long JCP; Karen Finerman is short SPY; Karen Finerman is short IWM; Karen Finerman is short MDY; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Joe Terranova is long VRTS; Joe Terranova is long WFM; Joe Terranova is long SWN; Joe Terranova is long TRV; Joe Terranova is long VZ; Joe Terranova is long VLO; Joe Terranova is long CSTR; Joe Terranova is long CHKP; Joe Terranova is long GLW; Joe Terranova is long EMC; Joe Terranova is long NXPI; Joe Terranova is short Eurocurrency December Futures.

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