UBS: A 'narrative shift' could send Apple stock soaring (AAPL)

Apple stock is up 35% year-to-date, but what is it really worth? That's the question UBS is trying to answer in a five-part series of reports.
In part one, UBS analyst Steven Milunovich focused on the right price-to-earnings multiple for Apple, and asks whether Apple is a hardware company (lower multiple) or a consumer brand (higher multiple).
"Is Apple a hardware company subject to rapid commoditization or a sticky consumer-brand capable of driving sustainable growth at a high margin?" the note