Apple (AAPL) is reportedly getting ready to make some “surprise” announcements later this year, including the unveiling of a new streaming music service or perhaps a mobile payment system set to debut at the annual WWDC conference this summer. Following a meeting with Apple executives, Morgan Stanley analyst Katy Huberty told clients in a note on Thursday that Apple has some new announcements brewing. While Apple’s Internet Software and Service boss Eddy Cue is hard at work trying to improve iCloud and the company’s iOS Maps app, he’s also reportedly working on a few new products that will launch later this year.

First up, Huberty believes Apple has plans to unveil a new Web-based service at WWDC this summer. The analyst couldn’t get a read on exactly what that service will be, but she writes that a streaming music service or a mobile payment system are the most likely candidates.

“We believe Apple could charge either developers or users for some of these services, which could boost Apple’s annuitized revenue stream and better monetize its large user base,” Huberty wrote in the note, which was picked up by AppleInsider. “For example, Apple could offer a streaming music service using a freemium model.”

Then later this year, Huberty says Apple has plans to launch a “killer app” that will be as big as Siri was on the iPhone 4S. It is unclear if Apple will unveil this killer app alongside the upcoming iPhone 5S or at a later date.

Huberty reiterated an Overweight rating on Apple shares with a $600 price target.