Gene Munster: Apple Can Go Higher Than $700 Billion

***Brianna asked that this is saved for Monday, the day of the Apple event. Thanks!*** During an interview with Benzinga's

, Piper Jaffray Managing Director and Senior Research Analyst Gene Munster said that he believes

run can continue. "I think it can and for two big reasons," said Munster. "First, the addressable market has shifted. It's probably bigger than what most investors think. Typically Apple, when they launch a new product, their market share goes up and it declines right away. I think this time, given the fact that they have screen sizes that compete (finally) with the larger form factors, which are more popular, that could allow them to maintain their market share or not lose as much market share."

Munster provided some interesting statistics during his interview on Friday. "Every one percent market share gain that they have -- and right now they have about 20 percent market share -- adds 15 million units," said Munster, referring to iPhone sales. "That would increase their overall units by about seven percent." He said that the key takeaway message is that if investors think the iPhone is more competitive because of the bigger screen, they should be optimistic about market share gains. That could have "some wicked positive impact on the model," he said.

iPhone growth is phase one. Phase two involves a cornucopia of other products. "Obviously you have the watch event," said Munster. "[It's] gonna take some time for the watch to get some momentum." Beyond that, Munster speculated that there would be something that replaces the phone entirely. "And then you get self-driving cars and the television, so there are catalysts left with Apple," he said. "Despite the massive market cap, there are some meaningful reasons why the numbers can move higher." Disclosure: