Analyst: Apple worth $200 on iPhone upgrade plan?

Apple iPhone 6s
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Amid questions about the lack of tech innovations from this year's iPhone, analysts are latching onto Apple's new leasing program as the most bullish, but overlooked announcement out of last week's product event.

Steven Milunovich of UBS wrote a provocative note to clients Tuesday morning saying if Apple was valued as an annuity business because of this installment program, which reduces the tech giant's reliance on carriers, the shares could be worth over 70 percent more than they are today.

Here's why Milunovich believes Apple could be worth $200 a share…