Other recent acquisitions Apple has made also hint the company has new products coming soon, Milunovich said.
Last month, Apple bought PrimeSense, a company that specializes in 3-D sensor technology, which basically means it creates the tech for gesture control on devices. This sort of technology hints that Apple may be working on a "gamebox" or "TV type product," Milunovich said.
"We have increasing confidence in new product categories," Milunovich said. "I think it suggests innovation is not dead at Apple. We don't know exactly what they are going to introduce over the next 12 months, but we do think you are going to see some new products that will get investors a bit more excited again."
Another area Milunovich said he sees Apple making inroads in is mobile payments. The company is working on iBeacons, which is basically technology that enables an in-store GPS so that stores can know where your phone is in relation to an item on a shelf and recognizes the user's history.
"It's not clear how Apple is going to monetize this but they could get into the payment stream longer term. At the least it means you may prefer their phone over a competitors," he said.