Following a meeting with high-ranking executives at Apple, Morgan Stanley analyst Katy Huberty came away with a very positive outlook on Apple’s near term future. In a note to investors on Thursday, Huberty stated her “increasing confidence” in the company and said Apple stock could soon reach $540. Huberty isn’t quite as enthusiastic as Formula Capital’s James Altucher, but her recent positions on Apple are a marked change from her stances a few years ago when she repeatedly lowered her price targets on Apple stock and consistently missed the mark ahead of Apple’s earnings reports. Fast forward to today, and Huberty is very bullish on Apple along with just about every other analyst on Wall Street. Outside of the numbers game, however, Huberty noted that Apple would be making some major software announcements at Worldwide Developer Conference next month. Apple sees its product cycles as being software driven as opposed to hardware driven, the analyst noted, writing that major iOS and Mac OS updates would drive sales even if Apple doesn’t introduce a new iPhone this summer. Huberty also noted that Apple may release an iPhone at a lower price point in the next two years, though many analysts believe the monthly cost of data plans required with Apple’s iPhone could be more prohibitive than the cost of the device itself.