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It's been six months since Apple introduced a new version of the iPad and almost a year since it unveiled the iPhone 4S. In other words, Apple is over due for a new product launch.

The company is holding a special event in San Francisco on Wednesday starting at 1pm ET where it is expected to unveil the iPhone 5 -- a smartphone with a larger screen and faster speed.

Analysts say Apple could also unveil a mini version of the iPad Wednesday, though that is largely expected for October.

Eric Jackson, founder of hedge fund Ironfire Capital and a long-time Apple bull, tells The Daily Ticker that the iPhone 5 "should be the biggest iPhone launch ever" and a "massive success."

How big? Piper Jaffray analyst Gene Munster says Apple could sell 10 million iPhone 5 devices the first week it ships. That number could reach 50 million in the holiday quarter.

"We're in a huge shift where the world is moving away from feature phones…to smartphones…and Apple is leading the charge," says Jackson. "Each new [iPhone] release that seems to come every year…. becomes a more hyped up event and draws in more buyers who are dumping their old dumb phones."

iPhones currently account for about half of Apple's profits so any new iPhone release is "a really big deal for the stock," Jackson says. And the stock itself is a big deal. Shares of Apple have gained more than 80 percent in three months.

Jackson says the new iPhone will propel the company's stock price higher. His forecast puts the stock at $750 a share by year end and $1,650 by December 2015. (It closed down 2.6% to $662.70 on Monday).

Speculation of the new iPhone isn't the only thing supporting Apple's rich stock price, according to Jackson. There's also the expected revamping of iTunes into a music streaming service and a refresh of Apple TV.

A new "souped-up version" of Apple TV could be "another massive hit," says Jackson. "There is huge pent-up demand from the existing user base" for new Apple products, Jackson explains.