Morgan Stanley has, for the first time, included the mammoth sales potential of Apple's still-rumored iWatch in the firm's outlook for where shares of Apple will go in the coming year.

By all accounts, Morgan Stanley analyst and prominent Apple watcher Katy Huberty is optimistic. On Monday, Huberty shared with investors her buoyant outlook on Apple and sales prospects for the iWatch. In the process, she retained an Overweight rating while raising her price target for AAPL (from $99 to $110).

"We see a range of 30-60M iWatch unit sales in the first 12 months

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