Analysts are a funny bunch; they always flock to Apple's new products and create hype to make headlines. Case in point: Gene Munster's predictions that Apple would sell 6 million iPhones last weekend in a worst case scenario. It just turns out Apple sold 5 million. Now another analyst is speaking out against everyone who says the iPhone 5 is "disappointing" because it didn't meet those early sky-high expectations.

"We are not overly concerned with this "disappointing" number as we believe this is a classic case of near-term expectations getting out of touch with reality," Sterne Agee analyst Shaw Wu said in an investor note Monday. " We find it unfortunate that some analysts continue to publish irresponsible estimates without taking into account realistic demand trends and potential supply constraints on new in-cell touchscreens."

Wu said he's still comfortable with his estimate that Apple will sell 27 million iPhones this quarter and 46.5 million during the December quarter. That's more conservative than J.P. Morgan analyst Katy Huberty, who thinks Apple will sell 50 million iPhones next quarter.

"We continue to believe iPhone 5 will put a lot of pressure on competitors where it will incrementally capture a portion of customers attracted to larger screens and/or 4G LTE wireless," Wu said, noting that the poor maps performance in iOS 6 is a "temporary setback" that can be fixed.