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Apple's new partnership with IBM is driving expectations for the tech giant higher, and if it delivers the new products analysts expect, Apple could have the best pipeline it's had in more than two decades, Piper Jaffray analyst Gene Muster said.
"Tim Cook's comments yesterday really are amping up those expectations about [what] Apple should deliver in the back half of the year," Munster said in an interview with CNBC's "Closing Bell. "
The Apple CEO told CNBC Wednesday that the Apple-IBM partnership is about "transforming enterprise" and aims to "deliver on the promise of mobile in a big way."
Cook wouldn't talk specifically about Apple's product pipeline, other than agreeing with senior vice president Eddy Cue's assessment that it's the best pipeline the company's had in 25 years.
Munster said there are several pieces to the puzzle, including a larger-screen iPhone, which will probably be released in September, using near-field communication technology (NFC) for iPhone mobile payments, and a watch, which would likely have a halo effect on the iPhone. That's because to optimize the watch, an iPhone will probably be required, he said.
Munster also thinks Apple TV is still in play, although he isn't sure if it will come out this year.
"If you put all that together, it looks like that comment about best in 25 years makes sense."
Munster currently has a $105 price target on Apple.
—By CNBC's Michelle Fox
Disclosure: Munster and Piper Jaffray do not own Apple stock. Piper Jaffray makes a market in AAPL.