Apple (Nasdaq; AAPL) analyst Gene Munster of Piper Jaffray is taking somewhat of a more sober outlook on last weekend's iPhone 5c and 5s sales.

Munster thinks that Apple iPhone sales were possibly closer to 5 million units depending on supply made available for stores, online sites. The analyst's expected range was 5 million to 6 million units into opening weekend sales.

In a survey of 416 iPhone customers in-line at stores, about 95 percent said they were waiting for the iPhone 5s model, which is the more expensive of the two devices available. About 90 percent of those customers were upgrading from an older version of the iPhone, versus 83 percent when the iPhone 5 was introduced in 2012, and 73 percent for the iPhone 4.

The top-end of analysts' range for first-weekend sales was 7.75 million units, according to Bloomberg-sourced data.

Munster has Apple at Overweight with price target of $655.

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Shares of Apple closed at $467.41 last Friday, with a 52 week range of $385.10-$705.07.