“Some have posited a converged platform as Apple’s next big thing,” writes UBS’ Steven Milunovich in a note to clients Wednesday. “We see more of an ecosystem creep, connected but distributed tentacles that are increasingly present in consumers’ lives.”
Tim Cook has referred to Apple as a mega-ecosystem. Milunovich calls it the Applesphere.
UBS last month raised its 12-month price target for Apple to $115 from $100. On Tuesday the stock hit an intraday high of $99.44.