NEW YORK (TheStreet) -- Shares of Apple Inc (AAPL) - Get Report were up 1.63% to $131.74 in afternoon trading Wednesday, following comments by the managing director at FBR Capital Dan Ives saying a "slew of new products" from the technology titan may be on the horizon, according to CNBC.

Ives said on CNBC's Fast Money segment this morning that the C-suite promotion of senior vice president of design Jonathan Ive to the newly created position of Chief Design Officer is a big plus for shareholders.

He added that it could be a sign that Apple may come out with some new products over the next year or two, ranging from augmented reality devices, to new wearables, to streaming services or even an Apple car.

Apple designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, as well as a variety of related software, services, peripherals, networking solutions, and applications.

The company is based in Cupertino, Calif.

Insight from TheStreet's Research Team:

Apple is a core holding of Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. During the most recent weekly roundup, this is what Jim Cramer, Portfolio Manager and Jack Mohr, Director of Research - Action Alerts PLUS had to say about the stock:

Apple (AAPL:Nasdaq; $132.54; 820 shares; 4.16%; Sector: Technology): Earlier this week, activist investor Carl Icahn issued an open letter to CEO Tim Cook, asking the company to pursue a more aggressive buyback program. Icahn argues that the shares are worth nearly double what they are currently trading at ($240 vs. current price of about $130).

In the letter, Icahn highlights Apple's valuation discrepancy vs. the broader market, with the shares trading at a substantial discount to the S&P 500 (11.9x estimated 2016 earnings vs. the index's 17.4x average). He argues that market participants -- including institutional investors, sell-side analysts and financial media -- are failing to value Apple's net cash separately from its business, adjust earnings to reflect the company's real tax rate, validate the growth prospects of newly entered categories, or appreciate the company's ability to maintain premium pricing and elevated margins.

From a category perspective, Icahn believes Apple is well positioned to disrupt the TV and automobile markets, which he expects Apple to enter in 2016 and 2020, respectively. He also expressed confidence in Apple's core iPhone business, which he anticipates will continue taking market share from competitors, particularly in emerging markets. Icahn ultimately has a tremendous level of confidence in management's ability to deliver excellent execution and drive value. We share his sentiment, and believe the stock is grossly undervalued on a price-to-earnings basis.

That said, we recognize it will take time for the company to grow into its valuation; therefore, we reiterate that the stock must be owned, not traded. Our target is $150.

- Jim Cramer and Jack Mohr, 'Weekly Roundup' originally published 5/22/2015 on

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Separately, TheStreet Ratings team rates APPLE INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:

"We rate APPLE INC (AAPL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, robust revenue growth and notable return on equity. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."

You can view the full analysis from the report here: AAPL Ratings Report