Piper Jaffray Comments on Apple's iPhone 4S Release

Piper Jaffray has published a research report on Apple

commenting on the company's release of its iPhone 4S. In the report, Piper Jaffray writes, "Apple announced the sale of 4m iPhone 4S units over the weekend (3 days of sales) vs. 1.7m iPhone 4 units, an impressive number. Launch numbers are up 135% y/y, ahead of the Street at 60% y/y (26m) for the Dec-11 quarter. Based on launch sales, we think 60% y/y growth for the Dec-11 quarter will prove to be conservative despite the fact that launch figures are not a perfect apples-to-apples comparison. The biggest difference was that the iPhone 4S was effectively available for 2.5 days vs. 1.25 days for iPhone 4 before sites crashed and launch inventory sold out." Piper Jaffray reiterates its Overweight rating and $607 price target on Apple, which is currently trading down $0.70 from Friday's $422.00 closing price.