Potential Proof Apple Is Creating A New 'Stealth' Product?

In an e-mail to clients on Thursday, Trip Chowdhry of Global Equities Research speculated Apple Inc. AAPL is working on a Heads Up Display (HUD) that is 27 to 50 inches with built-in sensor technology. The analyst added that it is "likely" the company is creating a "completely new device."

Shares of Apple were relatively quiet during Thursday's session, trading higher by 0.43 percent at $115.74. Shares have failed to show any sustained buying momentum since hitting an all-time (split adjusted) high of $134.54 earlier this year.

Traders and investors continue to wait for Apple to announce its next "big thing" that isn't a smartphone. If Chowdhry's sources and speculations are correct, a forthcoming announcement could prove what the Street needs to breathe life back into Apple's stock.

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Chowdhry said that Apple is "gobbling" a lot of real estate in the Bay Area where it is working on "at least a couple of high intensity projects" after "aggressively hiring smart engineers from various industries."

"We think this could be the next generation of some computing device, which may be completely gesture controlled," Chowdhry speculated while adding, "the launch of this device does not seem imminent."

According to Tipranks.com, Chowdhry reiterated a Buy rating on shares of Apple five months ago with a $165 price target. His latest e-mail did not discuss any changes to his view and price target.

Despite a potential "game changing" e-mail from Chowdhry, the analyst is far from Wall Street's most bullish when it comes to Apple's stock. Tipranks.com lists Isabel Zhu of Cantor Fitzgerald the most bullish with a $195 price target while Daniel Ives of FBR Capital has a $175 price target.