Apple‘s stock will likely see a significant drop after the company’s highly anticipated iPhone event Tuesday, Loup Ventures’ Gene Munster told CNBC on Monday.

“We’re probably expecting more like … a 7 or 8 percent drop,” Munster said on “Halftime Report.” Munster didn’t specify a time frame for that fall, but last week hepredicted a 10 percent pullback in Apple’s stock over the next one to three months.

Munster said while investors will be excited about the launch of new products on Monday and Tuesday, they will quickly look toward the company’s next few quarters.

“Fast forward to a few weeks from now — there’s going to be some wringing of hands as people start to think about what the March and June quarters of next year look like,” he said.

The closely followed venture capitalist spoke as shares of Apple were higher Monday, one day before the company is expected to unveil three new iPhones and an Apple Watch, among other products.

But an unreleased build of iOS 11 that was leaked to the press over the weekend spilled almost all of the secrets on Apple’s big announcement.

Munster said one leak, in particular, caused him to believe the stock wouldn’t fall as much as he originally predicted: “The idea of an LTE watch.”

“The watch is 3 percent of Apple’s business today and if they allowed it to be untethered to the phone … it creates a bigger opportunity. We think it will essentially double the size of that business,” Munster said.

Regarding Apple’s anticipated high-end iPhone, Munster said: “I believe this phone will deliver on a much higher growth rate for the iPhone.”

Source: Tech CNBC
Gene Munster predicts an 8% drop in Apple's stock after the iPhone event