If you missed Apple's 2019 record rally, there may still be time to make big profits.

Tech analyst Gene Munster expects the iPhone maker's shares to rip higher in 2020, too.

"This can be a $350 or $400 stock over the next year," the Loup Ventures founder and managing partner told CNBC's "Trading Nation" on Tuesday. "It's based on two factors. One is the fundamentals and second is the multiples."

Apple soared 86% to close out 2019 at $293 a share, making it the best performing Dow stock. Munster's forecast implies a 37% gain from the year's close.

"If you look at Apple's valuation in the current earnings multiple, it's still low relative to other tech companies," said Munster. "If you apply a Facebook multiple to Apple stock, it's a $400 stock."

He lists Apple as his top FAANG stock for the new year. The group includes Facebook, Amazon, Apple, Netflix, and Google [Alphabet].

"If you look at GAAP earnings for Apple, it is more than the combined FAANG," noted Munster.

Not everyone on Wall Street shares Munster's bullish point of view. On Monday's "Trading Nation," tech investor Paul Meeks warned Apple stock was worth $170 a share, 40% below current levels. He's underweight the stock due to maturing smartphone cycle concerns.

Contrarily, Munster's bull case reflects a stronger demand for iPhones.

"In 2020, there's going to be five new iPhone models. Typically, that has a benefit to revenue," said Munster, adding Apple typically unveils three new models each year.

"The two additional models are likely going to be slightly lower-priced, SE models that really hit the heart of phone market."

He also cites the Apple Watch and AirPods as a major driver for Apple.

"The wearables category as a whole has accelerated," Munster said.

No disclosures for Gene Munster.

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