Apple needs to sell about six million iPhone 5 units by the end of this weekend to ease investors' concern about supply constraints, said Peter Misek, Jefferies managing director and senior technology analyst, Tuesday.
"If they do anything greater than six million, it will be a huge positive," Misek said on CNBC's Squawk on the Street.
Wall Street has been concerned that there are still "significant supply constraints," that would limit Apple (AAPL) to only being able to produce about five to six million of the new phones before the end of the month, he added.
"So if we get a six million unit number, that will really lay a lot of those concerns," Misek said. He expects the tech giant to sell about eight million iPhone 5 units, including pre-orders, by the end of the first weekend.
Tavis McCourt, an analyst for Raymond James, also said he expects Apple to sell about 8 million iPhones during the time period leading up to the last day of Apple's fourth quarter, which is Sept. 29.
The iPhone maker announced Monday that it already had two million pre-orders for the iPhone 5 during the first 24 hours it was available online.
Apple's stock reached $700 a share for the first time in after-hours trading Monday and the stock closed at a record high of $701.91 Tuesday. But the stock could still go higher, analysts said.
More Upside for Tech Giant
With more products in the pipeline, Apple (AAPL) will continue to have more upside, Misek said.
"It's really tough to get off the train right now, you've got the iPad mini, which we think is going to be a blockbuster. iPhone 5 is already a mania, so we've got a really good runway here," he said.
While Apple has not confirmed it is making an iPad mini, Misek said he expects the smaller tablet sometime in October.
James Altucher, founder of Stockpicker.com, said Apple's new products could "easily" push the company's stock price to $1,000.
A deal with China Mobile would also be an upside catalyst for Apple, however, the iPhone maker could face challenges striking an agreement with the Chinese company because it is controlled by the Chinese government and they ultimately decide which carrier gets which handsets, Misek said.
"China mobile has the most subscribers and the government wants to even out the subscribers," Misek said. "So they want China Telecom and Unicom to gain subscribers for mobile on purpose because China Mobile is so big, so that's really the challenge that Apple is facing with mobile."
A deal with the Japanese wireless carrier Docomo would also spur the stock on, Misek said. The company is larger than Verizon (VZ) and has a huge 4G LTE network, he said.
"Don't underestimate Docomo... They are bleeding describers in Japan like crazy because they don't have an iPhone, so that could be a big subscriber boost as well," he said.
Yet, while Apple is expected to continue its growth, there is still a bear case for Apple, said Zach Shafran, an analyst for Ivy Science & Technology Fund, Tuesday.
"The bear case obviously is that growth slows, there's more competition, they can't continue to charge these kinds of prices," Shafran said on CNBC's Squawk on the Street. "Clearly, when you get this big and you do this well this fast, you know the growth rate is going to slow."
Amazon's (AMZN) new Kindle Fire HD is a headwind for Apple as it moves into the first quarter, Altucher said.
"The Kindle Fire that is coming out November 20 actually is feature for feature a better tablet tablet than the iPad. So I think that could be a headwind Q1 of next year," Altucher said on CNBC's Street Signs.
While there are some bearish cases for the tech giant, there's still plenty of room for the company to grow as it keeps new products in the pipeline, Shafran said.
"These guys keep innovating, they keep providing better services. And in some ways they are just getting started," he said.
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