Apple's Next 'Leapfrog' Event

NEW YORK (TheStreet) - As sales growth of Apple's (AAPL) popular iPhone devices begins to slow, and the iPad fails to garner as much consumer appeal, the tech giant's next "leapfrog" event could be something that might not be as sexy, but could keep its revenue engine moving and keep Apple in pole position above the competition.

JPMorgan Chase analyst Mark Moskowitz expects the Cupertino, Calif.-based company to introduce a new category called "iAnywhere" in the next 12-18 months that could help jumpstart iPhone and iPad growth, as well as cloud-based services and sales going forward. Moskowitz acknowledges it's not a new concept, but he thinks it's coming sooner rather than later.

"We think that as penetration rates in smartphones moderate and competition intensifies, Apple will need to introduce new product technologies or services to leapfrog the competition," Moskowitz wrote in a research note on Wednesday. "All of this is important given how the iPad has not become the next growth chariot for the company. At the same time, the iPhone has begun to exhibit shorter growth spurts following new product launches, which is why we think Apple needs a leapfrog event, such as iAnywhere."

iAnywhere would be a "converged Mac OS - iOS operating system that allows an iPhone or iPad to dock into a specially configured display to run as a computer," Moskowitz wrote in the note. "We expect Apple to maintain a separate Mac OS for traditional Macs."

Moskowitz has an "overweight" rating and a $585 price target on the stock.

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