While Apple shares closed down Friday, the stock is up about 20 percent over the past three months, and analyst Gene Munster expects it to continue marching higher thanks to new products the tech giant is expected to unveil.
"I think these products that albeit have been mysterious in the past … will take some form of substance in the next six to nine months, and I think that's going to move shares higher," he told CNBC's "Closing Bell."
He believes this will be the product cycle of the decade for the tech giant, which is expected to announce a new product category at its Worldwide Developer Conference on Monday.
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Smart home technology, a watch, payments and TV are all in play as possible new categories, Munster said. Together, they could power revenue and earnings to an upside that investors are not expecting.
In that vein, he's looking ahead to the next six quarters, not just 2014. Therefore, if there is a down quarter in June, he doesn't think it will matter.
"I think we'll get back to a growth story of closer to 10 percent," he said.
Munster isn't alone in his bullish view toward Apple. Several analysts have upgraded their price outlook for the company. The stock's average target price is now $650, according to Reuters data.
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However, Bert Dohman of Dohmen Capital Research Institute said Apple's recent run isn't about the fundamentals. He thinks it comes down to financial engineering by CEO Tim Cook in the form of the 7-for-1 stock split, dividend increase and stock buyback announced in April.
"A buyback of stocks is so deceptive for investors," he said. "It actually increases the earnings per share because it reduces the number of shares outstanding."
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—By CNBC's Michelle Fox. CNBC's Laura Petti and CNBC's Matt Clinch contributed to this report.
