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Currently, Apple has quoted its smartwatch as starting at $349 but an analyst at Piper Jaffray thinks it will be way more than that. Gene Munster is projecting the price of the Apple Watch to cost over $500 dollars at the very least.
"Traditionally Apple comes at a market with a technology approach, this time it's going to be more of a design approach," he told CNBC's "Squawk on the Street " on Tuesday. "The bands and the accessories are ultimately the higher margin products here."
Munster said that if the company can successfully brand itself around the designer watch category, the Apple Watch could ultimately be a success story.
He added that the product launch will be a "small catalyst for the stock."
"But the substance of the stock is going to be about how the iPhone does and we think there is an opportunity over the next few quarters for the iPhone numbers to be significantly higher than the street."
Based on his firm's research, Munster said that interest in the watch is pretty low. That's why he thinks next week's Apple event will be focused on selling new apps unique to the watch.
"If Apple can go out and show some apps that that can get consumers excited, that's going to change the sales trajectory of the watch."