Senior Piper Jaffray analyst Gene Munster has taken the news that iPhone supplies are running dry around much of the country as a sure sign that an update is imminent.

The analyst gave an 80-percent chance that an update was coming “earlier than anticipated,” he also gave a 20-percent chance that the low supply was evidence of some kind of production problem.

The comments come just days after the analyst predicted a June release for the 3G iPhone.