Piper's Gene Munster Highlights iPhone 7 Inventory As 'Constrained'

Shares of Apple Inc. AAPL sold off Friday following a report by a market research firm GfK which found that iPhone 7 and iPhone 7 Plus sales were 25 percent lower in its weekend launch compared to the prior model's launch.

GfK's report included data from 12 European countries and a handful of Asian countries, including China, but did not include any domestic data.

On Monday, Gene Munster of Piper Jaffray provided a first glimpse into U.S. selling trends. The analyst suggested that iPhone 7 available checks at 134 Apple stores showed a "constrained" inventory.

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Munster, one of the Street's most respected Apple analyst, added that his findings is a positive and bullish sign for Apple's stock as iPhone 7 sales are expected to be higher by a mid-teen percentage point year-over-year.

Munster also suggested that his findings are in-line with the company's own commentary about sellouts prior to the official launch.

Shares of Apple were trading higher by 0.27 percent at $113.01 late Monday morning.