Does Apple (AAPL) Have an iPhone 5 Blowout in Store?

Following the news that Apple (AAPL) is planning to unveil its fifth version of the iPhone at a special event on Wednesday, Sept. 12, Piper Jaffray analyst Gene Munster issued a quick research note to clients in which he asserted that if the device goes on sale on Sept. 21, Apple could sell as many as 10 million new iPhones in the final week of September.

Wall Street expects that Apple will report sales of between 22 million and 23 million iPhones in the September quarter. However, a launch of the iPhone 5 this month could push total sales as high as 28 million, Munster estimates.

Munster also suggests Apple could beat Street estimates for both revenue and profits for the quarter. He projects an 8 percent upside to Wall Street’s current revenue consensus, which currently stands at $35 billion; and 12 percent upside to earnings per share of $8.46. That would suggest, according to Forbes, revenue of $37.8 billion and profits of $9.48 a share.

Munster also noted that he expects Apple’s sixth generation smartphone to be “the largest consumer electronics product upgrade in history.”

The success of the iPhone — Apple’s top-selling product, accounting for about 70% of its profits — has helped the tech giant become the world’s most valuable company by market value.

Apple shares are up $8.51, or 1.30%, on 9.4 million volume to $673.72.

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