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UBS declares Apple a 'special' kind of investment, says 'full ramifications' of iPhone are yet to come

Reading the new "Becoming Steve Jobs" biography inspired UBS analyst Steven Milunovich to share his thoughts on where Apple is headed, leading him to suggest to investors that the iPhone maker's best days may still be ahead of it.

Milunovich said the fact that "Becoming Steve Jobs" has been endorsed by Apple executives shows how the company's current top brass view their past, present and future. In particular, he noted that the late Apple co-founder emphasized product vertical integration, and current CEO Tim Cook continues to carry that vision.

"But current management has taken the understanding of multi-sided platforms, which require partnership, to a higher level," the analyst said. "Cook wants iOS to permeate consumers' lives. Consequently, the full ramifications of the iPhone have yet to be seen."

Though he said investors must avoid "drinking the Kool-Aid," Milunovich did admit that Apple is a "special" investment, calling it "the most creative industrial company."

"Becoming Steve Jobs," written by Brent Schlender and Rick Tetzeli, went on sale last week, and has received praise from Apple executives who believe Walter Isaacson's portrayal of Jobs in his own biography was inaccurate. To Milunovich, Schlender and Tetzeli's new book reinforces the fact that Jobs knew exactly what he was doing in picking Cook to be his successor and telling the Apple CEO to lead the company as he saw fit.

"Cook has maintained basic beliefs while tackling issues Jobs might have shied away from, such as capital return and worker conditions," Milunovich said. "Jobs's sweet spot —clear in the failure of NeXT —was selling to consumers. Apple is fortunate that consumer technologies and economics are now driving the industry, providing adjacent market opportunities."

UBS has maintained a price target of $150 for shares of AAPL. "Becoming Steve Jobs" is available at Amazon and also at Apple's iBookstore.