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Apple iWatch: Perception Is Reality (Update 1)

The iPhone and iPad made up more than 70% of Apple's revenue last quarter. That trend isn't likely to change anytime soon, but it's the perception of change that investors are looking for.

AAPL ChartAAPL data by YCharts

Cook has said in the past that Apple has products in the pipeline. "Our teams are hard at work on some amazing new hardware, software, and services that we can't wait to introduce this fall and throughout 2014," Cook said on the last earnings call. "We continue to be very confident in our future product plans."

Apple's CEO has the backing of Wall Street, as the company continues to battle perception issues. UBS analyst Steven Milunovich, who rates Apple shares "buy" with a $500 price target, believes Cook is the right man for the job. "Jobs created Apple's culture, but the personality type to create the revolution is not the one needed to carry on after," Milunovich wrote in his note. Apple, vis a via Cook, needs to demonstrate the company's future did not leave when Steve Jobs passed away. The only thing that will change that perception is a new product or service that makes people stand up and take notice.

It's all well and good that Apple is confident in its product plans. It has to make Wall Street confident in these plans, and the iWatch would go a long way toward changing that mindset.

--Written by Chris Ciaccia in New York

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