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Apple's stock has taken a lot of hits this year. But the company is set for a big comeback in 2014, said Steve Milunovich, a technology analyst at UBS who upgraded his price target on the company's stock from $540 to $650 on Tuesday.
"We have more confidence going into the new year that margins are going to be flat to up, which were down last year," Milunovich said. "We also have increasing confidence in new product categories."
Here are three things the company is doing to spur growth next year, according to Milunovich.
(Read more: Cramer: Apple an 'incredibly cheap stock')
Apple is making moves to cash in on different services and it has been buying smaller companies to help it in that area, Milunovich said, who also upgraded his rating to "buy" from "neutral" on Tuesday.
(Read more: Why Apple could be the big holiday shopping winner)
On Monday, for example, the company confirmed that it , a social media analytics company.
"They are looking for new technologies, and perhaps technologies like the Topsy acquisition that maybe helps their services side," Milunovich said. "We continue to think of Apple as primarily a device company, but I think they are potentially looking to monetize services, some of those acquisitions fit into that (category)."
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.
Apple is also going to expand its presence in Asia during the next year, starting with the growing possibility of finally striking a deal with China Mobile, Milunovich said.
(Read more: China Mobile drops hint of long-awaited Apple deal )
He said that UBS increased its iPhone sales estimates by 5 million and said that it expects a deal between Apple and China Mobile will be made in the next few weeks.
"We've been expecting for awhile that China Mobile would start to support the iPhone," he said. "I wouldn't go crazy on that because China Mobile still has a limit to how much it can subsidize, but obviously there is a lot of room for growth for Apple in China."
—By CNBC's Cadie Thompson. Follow her on Twitter .