After reporting double-digit year-over-year declines for the past two quarters, Apple is expected to report after the bell that it shipped 44.8 million iPhones, down from 48.04 million a year ago, according to analysts surveyed by StreetAccount.
While defectors from Samsung's Galaxy Note 7 recall might positively impact sales of the larger iPhone 7 Plus, supply is very tight for that phone, Munster said.
"Apple's having a tough time keeping up with the demand ....Their hands are tied, it's just however much they can make," Munster said.
In the near term, Apple is still an iPhone-centric company, said Toni Sacconaghi, senior technology research analyst at AllianceBernstein.
"Ultimately, over time, the iPhone will plateau. Replacement cycles will elongate ... which means that 75 percent of the business' profits are more likely to go down than go up," Sacconaghi told CNBC's "Fast Money: Halftime Report" on Tuesday. "You have to believe that there's something else that's material that Apple can bring to the marketplace to ultimately make up for that."
While Apple's Watches are "not a big deal," and the Mac should have a "slight positive" impact in December, Apple's services sector is the one to watch, Munster said. Even when Steve Jobs helmed Apple, the company had ambitions to transform services and content like television, former Apple CEO John Sculley told "Squawk Alley" on Tuesday.
"Is [current Apple CEO] Tim Cook capable of leading something that is as big in content as Apple is in its mobile devices and other services? Absolutely," Sculley said. "Now will Apple decide to get into that business? I don't know ... We'll just have to wait and see."
Disclosure: Piper Jaffray was making a market in the securities of Apple at the time this research was published.