Loup Ventures: Apple has 40%+ upside from here over next couple years
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Loup Ventures analyst Gene Munster said Thursday that shares of Apple (NASDAQ:AAPL) can push substantially higher in coming years, thanks to the stability of its underlying business and the chances it will tap into major new markets with the products it currently has in development. 
"I think that from an upside potential, I think there is still measurable upside, I think 40%+ upside over the next couple years, around $250," the Loup Ventures founder and managing partner told CNBC.
Munster justified this target by pointing to a stable business for its current list of products, like the iPhone, combined with the growth potential it could see with some of its developmental projects.
On its current lineup, the Loup Ventures founder estimated that 70% of the tech giant's current offerings are necessities, not discretionary purchases. This could give the company a floor if the economy slows in the near term.
Looking longer-term, Munster spotlighted the company's efforts to expand into new markets, specifically pointing to healthcare, augmented reality and auto as major sources of potential.
"This solves their growth problem longer term. I don't think these are reflected in the current share price," he said.
Reviewing the firm's near-term prospects, Munster said the iPhone 14, reportedly set for launch early next month, is "not going to be particularly earth-shattering." However, he expects "nice growth" that will showcase "the stability of it."
Munster concluded that the impact of the new iPhone would be "pretty subdued but enough to keep this train going."

For a more bearish take on Apple (AAPL), see a recent report from Seeking Alpha contributor Stone Fox Capital, who says the company is "poised to disappoint."