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Munster ‘Wouldn't Bet Against’ Apple iPhone 5

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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.”

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Gene Munster 'Wouldn't Bet Against' Apple

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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