As CEO of Deepwater Asset Management, Gene Munster has developed a reputation as one of the most influential and accurate analysts covering Apple Inc. Munster has been covering Apple for over two decades, gaining renown for his prescient predictions about the company’s new products and quarterly earnings.

Since the early 2000s, Munster established himself as the “go-to expert” on forecasting Apple’s revenue growth, profits, new device sales and stock performance. His quarterly earnings estimates on metrics like iPhone unit sales have proven remarkably precise over the years.

Munster’s reputation as the top Apple analyst was cemented in the mid-2000s, when he accurately predicted launches of new product categories like the iPad years before they were released. He also gave bullish recommendations on Apple stock when others were wary, enhancing returns for clients who followed his guidance.

Over the past five years, Munster’s Apple stock picks have continued to significantly outperform the overall technology sector and S&P 500 index. Since 2018, Apple shares are up over 200% for investors who mirrored Munster’s overweight rating and price targets.

The cornerstone of Munster’s analysis has always been deep primary research into Apple’s supply chain, downstream sales trends and new product pipeline. He leverages a network of industry contacts built over 20+ years covering the company to gain unique insights into upcoming launches. This focus on gathering proprietary research gives Munster an edge in forecasting Apple’s performance.

2024 Outlook on Apple Stock

Heading into 2024, Munster remains highly bullish on Apple stock. He believes Apple’s leading position developing the tech platforms of the future positions it to deliver mid-teens revenue and earnings growth for years to come.

Munster’s 2024 price target for Apple is $250 per share, which would represent additional upside of approximately 15% from current levels around $215 per share. Apple reaching this price target in 2024 would give it a market capitalization approaching $4 trillion.

The core pillar of Munster’s bullish thesis is his expectation that upcoming mixed reality hardware and software will drive Apple’s next major wave of revenue growth starting in 2024.

Munster predicts Apple will release its long-rumored AR/VR headset in late 2023. While sales volumes of the high-end headset will be relatively modest out of the gate, Munster views this product as planting the seeds for Apple to dominate the “next computing platform” after smartphones.

As Apple refines its mixed reality technology in 2024, Munster forecasts the company will transition towards more mainstream and mass market AR glasses and devices over the next 5-10 years. This future headset product lineup will leverage key Apple strengths including custom silicon chips, App Store ecosystem and luxury brand appeal.

Munster believes Apple’s headset roadmap has the potential to reaccelerate revenue growth to 20%+ year-over-year as recurring sales from the installed base scale over time. The company’s early leadership releasing advanced mixed reality devices gives it pole position to capitalize on this emerging technology segment.

Beyond the impact of new mixed reality products, Munster sees Apple’s existing iPhone, Services and Wearables divisions continuing to deliver steady growth in 2024, driven by loyal customers and smart integration between devices. Combined with disciplined capital return via dividends and buybacks, Munster believes Apple stock offers attractive risk-reward for long-term investors at current levels heading into 2024.

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