Apple investors were not betting much on the upcoming iPhone 6, according to an analyst.

Piper Jaffray Analyst Gene Munster said iPhone 6 has to pack more than what is expected to meet the expectations of major Wall Street investors. He met with investors and gave him a hint that they have low expectations for iPhone 6 sales.

Also, investors do not think highly of other devices that Apple will release this year like iWatch, which was rumored to be released alongside the smartphone. But Munster did not agree with this. The analyst claimed the wearable could offer the investors some advantage.

"Apple's shares are likely to react bullishly if the new iPhone is able to steal customers away from large screened Android smartphone. Stock price is likely to react the same way should the iWatch become a hit, thus the investors would get a better bang for their buck," according to Ubergizmo.

Meanwhile, rumors claimed the new iPhone will pack a bigger screen display of 4.7 inches and 5.5 inches. UBS analyst Steve Milunovich backed up the rumor by simply saying Apple was already working on the two iPhone variants with the screen sizes. Other rumored specs and features are A8 processor with 64-bit architecture, a separate graphics chipset, sapphire screen display, better camera and an improved touchID fingerprint.

iPhone 6 release date was reported to take place at Apple's Worldwide Developers' Conference (WWDC) in June. The device was speculated to be launched with the latest version of iOS. Other reports claimed iPhone 6 will wait for its annual cycle and release the iPhone on its usual launch window in September.

Analyst Milunovich said in his note to investors that Apple will unveil the 4.7-inch iPhone sometime in August or September. The one with 5.5-inch screen will be released at a much later date. The device will battle it out with Samsung Galaxy Note 4 if rumors proved to be true.