Apple investors should expect a "rocky day" as the tech giant's iPhone 8 and iPhone 8 Plus hit store shelves, leading analyst-turned-venture capitalist Gene Munster told CNBC on Friday.
Shares of Apple, which were under pressure again Friday, were down more than 5 percent for the week after some speculated that demand for the new iPhone 8 was weak. Apple also faced lackluster reviews for the phone.
The iPhone 8 is also sharing the spotlight with another one of Apple's new phones, the iPhone X, which isn't expected to begin shipping until November. That phone has a price tag of $999.
People are going to see "a lot shorter lines than last year," said Munster, founder of Loup Ventures, which focuses on research and early stage funding. "The reason is that this cycle is split between two phones ... [and] more people are buying things online."
Munster expects to see similar lines for the iPhone X, pronounced iPhone "10," and similar demand online. "[But] don't underestimate or give Apple consumers credit for their willingness to pay up for products," he added.
He said Loup did a survey this week about people who intend to buy Apple's high-end iPhone and it appears "the setup for the iPhone X is going to be strong."
"Investors should be comforted — the longer term — that this cycle will yield the growth that they're expecting," Munster added.
On Friday, Wall Street firm Piper Jaffray, where Munster had worked for years covering Apple before starting Loup, reiterated its overweight rating and raised its price target for the smartphone maker, predicting Apple's more expensive iPhone offerings will boost its earnings.
The higher-priced iPhone 8 and iPhone X should raise Apple's average selling price overall, the firm told clients.
Watch: Apple's iPhone 8 is on sale now. Here's what to expect