Analyst: WWDC Keynote to be Non-event

Piper Jaffray analyst Gene Munster doesn’t expect Apple will have many big announcements to roll out at its annual World Wide Developers Conference in early June. He predicts that while the company is likely to unveil the next generation iPhone during its Steve Jobs-hosted keynote event, there won’t likely be much else for investors to get excited about.

Mr. Munster expects Apple will show off the same iPhone that’s leaked out to the Internet with 32GB and 64GB capacities, higher resolution rear camera, a front-facing camera for video chats, and improved battery life priced at US$199 and $299. The new models will likely ship in mid to late June.

Supported by Walmart’s new $97 price point for the 16GB iPhone 3GS and the lack of the iPhone 3G at Apple’s online store, Mr. Munster also expects Apple’s current iPhone model will become the new low-price entry level iPhone.

Smartphone users hoping the iPhone will come to Verizon will likely be in for a disappointment, according to Mr. Munster. He doubts Apple will announce a deal with the cell service provider at WWDC, and that AT&T will continue as the company’s exclusive partner in the U.S.

Mr. Munster thinks Apple could preview Mac OS X 10.7, which seems reasonable since the WWDC keynote is staged for the media as well as developers. There’s a chance Apple might announce iPad sales figures at the event, too.

Predicting Apple CEO Steve Jobs will talk about the iPhone and Mac OS X during his keynote presentation isn’t much of a stretch, especially since this year’s event leans heavily towards the iPhone and iPhone OS.

Apple is currently trading in the pre-market at $250, up 4.78 (1.95%).

[Thanks to Fortune for the heads up.]