Analyst: Apple digital wallet a 'turning point'

How Apple soars to $120
How Apple soars to $120

Ahead of speculation about Apple's Sept. 9 media event, investors are focused on long-term value that the tech company will generate through new devices and services.

Gene Munster, senior research analyst at Piper Jaffray, has a $120 price target on Apple shares and thinks the company's proposed launch into payments will be a "turning point in the digital wallet."

But "next time you're at a retail location look at the infrastructure behind the counter, you'll realize that this is going to take some time to happen," he told CNBC's "Halftime Report."

Several analysts believe that Apple will launch the iPhone 6 and a wearable device during the special event, but Re/code has reported the new device will not ship until early next year.

"We're getting beyond all the hype in the near term," Munster said, "and trying to focus on what are people going to be saying about this in two, three weeks from now and we think that's going to power shares higher."

Delayed timing, whether for the rollout of the digital wallet or the launch of a wearable, could contribute to gains.

Read MoreWhy Apple could make mobile payments popular

"Investors always want to have something in the future," Munster said. "And if they give us everything at the same time investors would say there's no reason to own this. So the best thing for the stock is for them to delay this to the beginning to the next year."

—By CNBC's Evelyn Cheng.

CNBC's parent NBC Universal is an investor in Re/code's parent Revere Digital, and the companies have a content-sharing arrangement.