Analyst: Is This the Best Time to Buy Apple?

cashShould buyers take advantage of the recent dip in Apple’s (NASDAQ:AAPL) share price? UBS analyst Steve Milunovich thinks that the Cupertino-based company’s stock may be in for a turnaround in the next six to twelve months, when new product categories are unveiled.

In a recent appearance on CNBC’s “Fast Money: Halftime Report,” Milunovich said that Apple is in a difficult time as it goes through an “innovation lull.” Although show host Scott Wapner pointed out that Apple has lost about $300 billion in market cap, close to half its value, Milunovich sees signs of future improvement thanks to exciting products coming next year.

Milunovich believes that fingerprint identification akin to digital wallet capability is likely to be a feature for a future iPhone model. He also foresees some new iPads, including a possible Retina mini.

So what is hurting Apple’s current share price? The analyst noted that Apple’s new iOS 7 could function as a new phone for consumers because it radically changes a user’s experience. But the redesigned system doesn’t help sales of new phones, since everyone receives the software upgrade.

Milunovich believes 2014 could be a different story for the company because of new products he expects to see, as well as additional support from Apple’s recent buyback program. The analyst has a Buy rating and a target price of $500 on Apple’s shares.

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