While Tim Cook has his doubters, one investment firm gave the Apple CEO a vote of confidence on Monday.
Steve Milunovich, an analyst with UBS, praised Cook in a note to investors this morning.
This praise comes after Apple unveiled the latest iOS and OSX updates at its annual Worldwide Developers Conference earlier this month. Reaction to the new updates coming this Fall have been positive.
Apple still has some doubters on Wall Street. These doubts mainly sit on whether Apple can push out a completely new product and retain the popularity seen in its iPhone devices. Apple’s next conference will one of its most important ones. Not only will it need to introduce new iPhones and iPads, but investors and consumers will be looking for the ‘next big thing.’
There’s still no concrete news on what Apple’s new product will be. Most rumors center around a smart watch.
Milunovich remains steadfast in his support of Apple and says, “We think Cook-doubters will be proven wrong,” according to Apple Insider.
UBS is confident in Cook and in the company’s stock. They reaffirmed a ‘buy’ rating on Apple’s stock and have given it a 12-month price target of $100 per share. UBS is looking for Apple to have a banner second half of 2014 and believes Apple will release a smartwatch in the near future.
One note for casual Wall Street observers. Apple recently went through a stock split that moved the stock’s price below $100. That wasn’t a collapse in share price, just a different share structure.