Apple's share price might be having a rough ride right now, but an analyst is confident that AAPL is going to hit $900. However, he admits that his clients have been giving him "an earful" about the current state of the Apple share price.
"The demand for iPhone, the demand for Apple products continues to be exceptionally high," Piper Jaffray analyst Gene Munster told CNBC. "People want their products and we think that that ultimately going to drive the stock higher."
Munster is well known as an 'Apple Bull' (Bulls have high hopes for the share price, Bears are more conservative about their expectations). However, Munster admits that there is a lot of uncertainty right now, and reveals that his investor clients have been giving him an "earful".
"I’m a fundamental analyst and did a lot of calls with investors today, and I feel like I got a master's in technical analysis just based on an earful from investors, and that’s a big issue," he said, adding that these worries could send the stock price even lower to $500.
Munster appeals to AAPL watchers: "You've got to look at it in context of the year, not the September quarter, in which nobody was buying an iPhone." Apple's performance was worst than expected in the September quarter because people held off buying iPhones while they waited for the iPhone 5 to launch.
Earlier this year Munster predicted that Apple could hit $1,001 a share within 12 months. In a report back in April, Munster wrote: "Shares can reach $1,000 based on our belief Apple will continue to win in global mobile devices.” However, back in April Munster was maintaining a shorter-term, formal target of $910.