It's not unusual for Apple's stock to rally ahead of a product announcement, Steve Milunovich, managing director at UBS, told CNBC on Wednesday.
But will Apple's stock continue to climb after the product announcement? Only time will tell.
Shares fell when the company had unveiled the iPad and later the iPhone 5 to a weak reception, Milunovich noted. But "this time is different," he said.
Between the possibility of the latest iPhone and even an iWatch, Milunovich maintains a "buy" rating on the stock and thinks it could go to $115 a share, roughly a 15 percent premium from current levels.
"The new phones are going to be addressing a third of the market that Apple does not address today," Milunovich said on "Squawk Alley." "They've not played in in larger screen phones, suggesting you could have a very strong upgrade cycle that we still think could be more people expect."
Milunovich has "relatively conservative expectations" for the iWatch because he thinks the iPhone will be "the main event." Still, he noted most analysts have not factored the iWatch into their price target models.