Apple: Awaiting Tim Cook’s ‘One More Thing’ Moment

© Reuters. Apple: Awaiting Tim Cook’s ‘One More Thing’ Moment

For Apple (NASDAQ:AAPL) lately, it's been all about the iPhone 13. The fully-spec'd out new device is likely to be in high demand, and could fuel a continued rally in shares.

While the iPhone remains the biggest needle-mover for Apple stock, many analysts have touted Apple for its big services push. Every year, services are contributing to a bigger slice of the Apple pie.

Undoubtedly, Apple is a company with many decades of creating innovative new products to take the spot of its most popular devices of yesteryear. (See AAPL stock charts on TipRanks)

I remain extremely bullish on the stock, because of the company's track record of delighting its fans and shareholders with incredible new products that they never saw coming.

In essence, Apple isn't just a play on the next iPhone, the 5G supercycle, the continued rise of wearables, or the robust services business, which continues to deliver value for Apple users.

While Apple's hardware may be expensive, its services — especially the Apple One bundle — offer a hefty value proposition. Indeed, Apple appears to be achieving Tim Cook's goal of enriching its users' lives through jaw-dropping new hardware and software, as well as competitively priced services.

This can be tough for the competition in services, which includes Spotify (NYSE:SPOT) and Netflix (NASDAQ:NFLX), to match.

One More Thing for Tim Cook?

Undoubtedly, Apple has come up short on the "one more thing" front with its latest keynotes. While they have been full of incredible software innovations and intriguing hardware refreshes, the company is overdue for a revolutionary product.

Now, it doesn't have to be to the scale of the initial reveal of the iPhone. It could be a new innovation to the scale of the first Apple Watch, which had a muted initial uptake, but eventually picked up meaningful traction with later releases.

Apple CEO Tim Cook has really delivered as the top boss at Apple. While he did acknowledge to interviewers that he's unlikely to be at Apple in a decade, he noted that he's keen on debuting one more "big product" under his leadership.

The type of product remains anyone's guess. Many rumors are pointed to an Apple Car, a VR/AR headset, or even a pair of Apple Glasses.

All three products may land over the next decade. But which one will be under Cook?

Rumours are leaning towards a headset, as an Apple Car could be many years away, according to top Apple analyst Ming-Chi Kuo.

In any case, investors would be wise to stay the course, as Cook continues to deliver for shareholders.

Apple stock is on the pricier side of the valuation range. Yet, with a growing services mix, continued adoption of the iPhone, and the wildcard of a new product category that could launch within the next decade, it's clear that investors are getting a lot for every invested dollar.

Wall Street's Take

According to TipRanks’ analyst rating consensus, AAPL stock comes in as a Strong Buy. Out of 24 analyst ratings, there are 18 Buy recommendations, and six Hold recommendations.

The average AAPL price target is $168.29. Analyst price targets range from a low of $140 per share, to a high of $185 per share.

Disclosure: Joey Frenette owned shares of Apple at the time of publication.

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