Piper Jaffray Maintains Stance on Apple

PiperJaffray has published a report on Apple

maintaining the previous evaluation of the company's performance. According to PiperJaffray, "We remain comfortable in our iPhone estimates for the June quarter (16m units) and through 2012. Last night Google announced Android activated about 50m units in the June quarter, up 57% q/q. We are modeling for Apple to activate 29m iOS devices in June (iPhone, iPad and iPod Touch), up only 2% q/q. Apple's numbers are deceivingly low given the shift in timing of the iPhone upgrade. We believe iOS devices would have been up ~20% q/q if iPhone 5 had shipped in June." PiperJaffray rated Apple Overweight with a price target of $554.00. Apple closed yesterday at $357.77.