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Apple Inc.’s (AAPL) newest iPhones are coming in about a week, but that doesn’t mean the stock is going to climb as a result. In fact, at least one Wall Street watcher thinks shares can pull back as much as 10% during the next three months.

"The trading history over the past four years is a little bit difficult to look at—just what happens [from] when the product's announced to three months after," said Gene Munster, a longtime Apple analyst and managing partner at venture capital firm Loup Ventures, in an interview with CNBC. "But the biggest run-ups it's had going into a product cycle would suggest, typically, that you have a tail-off. And I would expect the same thing." (See also: Bundling Will Ease iPhone 8's High Price: Barclays.)

On Sept. 12, the Cupertino, Calif., technology and entertainment company is expected to roll out its next iPhone cycle with two new iPhone 7s and the long-awaited iPhone 8, which marks a completely overhauled design for the smartphone. The iPhone 8 is expected to be equipped with a curved screen, 3D sensing and built-in biometrics among other things. Many analysts on Wall Street and investors are excited about the new devices and the impact it will have on the fortunes of Apple. Shares have been climbing all year and are up more than 38% since the start of 2017. That surge in shares is also leading Munster to predict there will be a big pullback once the phones hit the market.

Trillion-Dollar Market Cap?

“The stock's up 50-plus percent in the past year because investors have been anticipating the return to growth of the iPhone. As soon as that product comes out, people are going to shift their focus to the March and June quarters of next year. That's when the iPhone cycles are made or missed. So there's naturally going to be some people taking some profits," Munster said during the CNBC interview. While Munster is warning shares could face pressure once Sept. 12 is behind the company option traders see it differently. (See also: Apple Will Surge on iPhone 8, Options Trades Signal.) 

The options market is pricing in shares will rise by nearly 7%, with an overwhelming amount of options traders betting Apple’s stock could rise to approximately $177 by Oct. 20. If that should happen it would add nearly $60 billion to Apple's market cap, bringing it to $906 billion, and closer to becoming the first company ever to hit a $1 trillion market cap.

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