Fast Money: Seven minutes of happy Apple talk (video)

“Investors are going to progressively understand that this business is not one that you have to sweat every quarter.” —Loup Ventures’ Gene Munster

Munster’s (modest) prediction that Apple will hit $350 within three years somehow set the tone:

Yeah, it’s another $1 trillion to market cap, but I want to put some context… Our goal here is to look through some of the noise that we’ve had over the past six weeks and think about the true arc of this slope is that Apple is on… The company is on a path to be a services company. We’ve talked a lot about that, but that narrative has far from been captured by investors.

We expect over the next year—on the anniversary of this new reporting methodology—that investors are going to progressively understand that this business is not one that you have to sweat every quarter. And that in fact there is some predictability and dependability in their earnings growth.

Cue the video:

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Loup Ventures founder Gene Munster says Apple’s set to double. Here’s why from CNBC.

My take: Yes, it’s the old service story, still getting no respect. Funny that Munster’s $350 was a head-snap for CNBC’s talking heads. With at least one sell-side analyst calling for Apple to hit $300 within 12 months, $350 in 36 doesn’t seem like a lot to ask for.