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Piper's Munster sees 'declining' iPhone 7 interest

A customer holds a newly purchased iPhone 7 Plus smartphone.
Michael Short | Bloomberg | Getty Images

Piper Jaffray's Gene Munster told clients consumers are becoming less interested in upgrading to the iPhone 7, according to the firm's recent survey of iPhone users.

Munster is known to be one of Apple's biggest advocates on Wall Street, with an overweight rating on the shares since 2007, according to FactSet.

"Our survey suggests that iPhone owner interest in the new device declined after the announcement of the device," he wrote in a note to clients Tuesday.

"The data contradicts generally positive initial demand indicators including TMobile and Sprint commentary for 4x pre-order increases and iPhone 7 Plus stock outs prior to launch."