“UBS’s Steve Milunovich was on CNBC’s ‘Fast Money: Halftime Report’ a short while ago being quizzed about Apple (AAPL), regarding which Scott Wapner and the hosts were unanimously unenthused,” Tiernan Ray reports for Barron’s. “Milunovich, who has a Buy rating and a $500 price target, conceded there is little in the way of product this year to boost the perception of innovation, though he would not concede innovation is ‘dead,’ as the hosts put it, recommending investors look to new product categories in 2014.”

Most of what’s coming this fall is really a refresh from current products. In terms of really exiting products, we’re looking out to next year. The next six to twelve months we’ll get some excitement back for the stock as a trade… I think [CEO Tim] Cook is the right guy… They really need to get new product categories. We’ll start to see those in 2014. If you look back historically, there’s been a roughly three- to four-year period between major product announcements. Cook has said there is a lot of innovation coming next year. — UBS analyst Steve Milunovich

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MacDailyNews Take: To be precise:

iPhone was released 5 years, 7 months, and 19 days after iPod.

iPad was released 2 years, 9 months, and 5 days after iPhone.

Tim Cook has been Apple CEO for 1 year, 10 months, 2 days.