In part one, UBS analyst Steven Milunovich focused on the right price-to-earnings multiple for Apple, and asks whether Apple is a hardware company (lower multiple) or a consumer brand (higher multiple).
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UBS: A 'narrative shift' could send Apple stock soaring (AAPL)
Apple stock is up 35% year-to-date, but what is it really worth? That's the question UBS is trying to answer in a five-part series of reports.
Apple CEO Tim Cook
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That would lead to a huge shift in the share price. But, according to UBS, Apple is some way off from this kind of a valuation.
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