Well-known Piper Jaffray analyst and Apple Inc. (NASDAQ:AAPL) guru Gene Munster believes two larger iPhone 6 handsets will be neutral in terms of sales for the iPad Mini. The analyst weighed in on rumors that the handset would be offered in both a 4.7-inch and a 5.5-inch size. If those rumors turn out to be true, there will likely be some effect on iPad Mini sales, but iPad Air sales could receive a boost, balancing out the negative impact.

iPhone 6

How the iPhone 6 could affect Apple’s dynamic

According to CNET, Munster believes that some consumers could update to the iPhone 6 rather than keeping their older model and then buying an iPad Mini. However, he suggests that other iPhone 6 buyers might buy the largest iPad Air instead of the Mini, which would boost iPad average selling prices.

Cannibalization worries have long been an issue for Apple Inc. (NASDAQ:AAPL) investors. When the company launched the first iPad Mini in 2012, some were concerned that it would cannibalize the larger iPad. However, it really is the bigger picture surrounding Apple’s earnings that’s important—not which specific products consumers end up buying.

Apple to report earnings Wednesday

Munster expects Apple Inc. (NASDAQ:AAPL) to post earnings toward the high end of its guidance range and nearly $44 billion in revenue. He’s also looking for 38.5 million iPhone units and 21 million iPad units.

However, he joins others in expecting low numbers for the current quarter. He projects a 5% increase in revenues year over year for the June quarter. The Apple Inc. (NASDAQ:AAPL) guru is actually lower than consensus estimates, which are at an 8% increase. Munster’s main reason for being lower than consensus is because he doesn’t believe Apple will release any new products during this quarter. He believes the high end of the company’s own guidance won’t suggest any more than 5% growth in revenue.

What about China Mobile?

Analysts have also been trying to gauge the impact Apple Inc. (NASDAQ:AAPL)’s deal with China Mobile Ltd. (ADR) (NYSE:CHL) (HKG:0941) will have on the first quarter of the year. Apple started selling the iPhone on China Mobile’s network in January. Using subscriber information from China Mobile, Munster believes the carrier sold about 1 million Apple handsets during the first three months of the year.

However, he doesn’t expect a major year over year increase in iPhone unit sales from China Mobile Ltd. (ADR) (NYSE:CHL) (HKG:0941) until Apple Inc. (NASDAQ:AAPL) launches the larger iPhone 6.