Munster: Apple's Stock Will Go 'Much Higher'

Shares of Apple Inc. AAPL are higher by nearly 25 percent in 2017, even though the stock has pulled back more than $10 per share from its all-time highs of $156.65 as part of a tech-wide selloff.

But longer-term Apple bulls have no reason to be concerned with the recent weakness, according to Gene Munster.

Apple's stock could see a few months of "choppy" trading action, the former analyst turned venture capitalist said in a recent CNBC "Trading Nation" segment. Specifically, Wall Street's expectations for the upcoming iPhone release may be too high and there's also the possibility the phone will be delayed until the December quarter.

But none of this really matters when taking a step back and looking at the "big picture" and "all the good things" Apple is doing, Munster argued. In fact, some of these bullish factors will play out as soon as next year when investors will re-rate Apple's stock higher amid a stronger service business and an earnings per share expectations of $11 or $12.

Bottom line, Apple's stock has upside to $160 to $170 within the next 12 months and the downside to the stock at current levels is just 5 percent, Munster concluded.

IPhone Buying Interest Higher Than Last Year