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William Blair analyst Ralph Schackart Thursday morning picked up coverage of - wow, here’s a stunningly original idea - Apple (NASDAQ:AAPL). He rates the stock Outperform.

“Our investment thesis is that once consumers buy an Apple media or smartphone product - (i.e., iPhone or iPod) or use its iTunes digital media service, they are more likely to purchase Mac computers or other Apple products,” he writes. “We believe the closed Apple digital content ecosystem, or walled garden, entices consumers to purchase Apple devices for a complete digital entertainment experience.”

Were Apple to gain another 1% of market share in the Mac and smart phone markets, the company could generate an extra $1.36 in EPS, he calculates.

The Blair analyst said there are two requirements for Apple to keep increasing shareholder value: One, continue developing new and innovative products and services. And 2, redeploy its cash effectively.

AAPL Thursday is up 57 cents, or 0.4%, to $165.75

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Source: Buy Apple, Says Analyst