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Here are three things I want to see from Apple: Munster

The pressure is on for Apple as the tech giant's big day has finally arrived.

Investors and consumers around the globe have been on the edge of their seats waiting to see what new gadgets and products Tim Cook will unveil in his biggest event since taking over as CEO.

The highly anticipated, larger-screened iPhone 6, a rumored iWatch and payment platform are among the products expected to be unveiled this afternoon.

So how could each of these new initiatives impact the company's stock, which has fallen almost 5 percent since hitting an all-time high on Sept. 2?

"On average, the stock usually trades off by about 1.2 percent the day of an event, but then rallies by 2 percent until the launch [of a product]," said Piper Jaffray's senior research analyst Gene Munster, who recently raised his price target on the stock to $120 per share. "As people get more optimistic about what we see today, we think shares will move higher."

(Read MoreThis is what Apple shares do after new products)

According to Munster, there are three main things investors need to pay attention to ahead of this afternoon's events.

iPhone 6: "Investors will be surprised by the magnitude of the iPhone 6," he said. "The size difference is much bigger of a jump than when they previously went to a larger screen, and I think there will be a lot of pent up demand."

Mobile Payment: "The concept of the digital wallet is finally taking form," Munster said. "As far as actually using your phone as your wallet, I think we are a couple of years away from that, but I think some important pieces will come through, including using touch ID to work with some of the new payment systems." Added Munster, "Payments could be something that changes how investors think about Apple to be more of a platform."

iWatch: "We think you will get to see [an iWatch] and the concept of what it is will finally be answered today, but ultimately it will be a period where there will be six months before it will actually be available," Munster noted. "[The delay] could be because they want to incentivize developers to build applications around the iWatch." Said Munster of the delay, "It will actually be positive for the stock."

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