Munster issued a note to investors this week saying that Apple's margins will see a quarter-over-quarter decline in the three-month period to end 2014. This is similar to what happened when Apple unveiled the redesigned iPhone 5.
AppleInsider notes that "Apple's own guidance for the current September quarter calls for margins between 37 and 38 percent, which would be a decline of 190 basis points quarter over quarter from June. In comparison, for the iPhone 5 launch in 2012, Apple saw its margins decline by an even greater 280 basis points sequentially."
Munster estimates that margins will drop 200 basis points sequentially in the December quarter in the 'best case' scenario. He estimates that Apple will sell 54.5 million iPhones during the quarter for a year-over-year growth of 7%. Margins are predicted to increase to 36% in the March 2015 period from 35.5% in the December quarter.
Piper Jaffray has an "overweight" rating for AAPL stock, with a price target of $105 per share.