Tech investor Gene Munster is not predicting a blowout number when Apple reports quarterly numbers on Tuesday afternoon.
But, he holds one of the most bullish views on Wall Street. Munster predicts Apple stock will rally more than 70% in the next 24 months.
"There's meaningful upside to the Apple story. I suspect that this year, Apple will be the best-performing FAANG stock," the Loup Ventures managing partner said Friday on CNBC's "Trading Nation" segment. "I think this can be closer to $350 [a share]. ... I know historically it has not gotten the multiple. But I think that will slowly change."
When the iPhone maker reports fiscal second quarter numbers, Munster expects earnings per share and revenue to be slightly above Street estimates. According to FactSet, analysts are expecting Apple to earn $2.37 a share on $57.6 billion in revenue.
Munster, who covered the tech sector for two decades at Piper Jaffray, is considered one of the Street's leading experts on Apple. He sees the tech landscape driving the stock to new highs, especially when 5G phones become a reality.
"The real hurdle, if you were going to boil this whole earnings call down to one number, it's simply the services growth," he said. "I know this has been a particular ... area of focus over the last couple of years. But it is even more important now, given some of the sizzle out of the iPhone story is a little muted for the next few quarters."
Apple has outperformed the by 14% since the December low. The stock is up 39% since then, and 24% over the past 12 months.
But the run hasn't come without challenges. Apple warned in in January quarterly iPhone sales would likely be below Wall Street expectations. And Microsoft has overtaken Apple as the world's most valuable company.
However, Munster suggests there's enough in the pipeline to push Apple shares higher.
"Longer term, there are obviously opportunities on services for products that they can have, whether it's this gaming, this arcade service, or this video streaming service," he said.
There's another facet to Munster's bull case.
He believes it's much more than a tech company.
"Tech can be a consumer staple," said Munster. "While there are fluctuations in the businesses like Clorox and Coca-Cola and businesses like the iPhone, I think the same underlying message is true. We cannot live without Apple. We cannot live without those other staples."