Loup Ventures’ Gene Munster told CNBC on Friday that Apple investors should brace themselves for a “rocky day” as the tech giant’s iPhone 8 and iPhone 8 Plus hit store shelves.

Shares of Apple are more than 4 percent lower this week after some speculated that demand for the new iPhone 8 was weak. Apple also faced lackluster reviews for the phone.

The new 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,” the widely followed Apple watcher said on “Squawk Box.” “The reason is that this cycle is split between two phones, No. 1. And No. 2 is more people are buying things online.”

Munster, founder and managing partner of Loup, said he 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.”

Munster added that his firm 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,” he added.

Wall Street firm Piper Jaffray on Friday 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

Source: Tech CNBC
Gene Munster: Expect a 'rocky day' for Apple's stock; shorter lines for the iPhone 8