Piper Jaffray Reiterates Overweight, $607PT On Apple

In a note out today, Piper Jaffray reiterated an Overweight rating and $607 price target on Apple AAPL, implying upside of nearly 50% from current levels. "Shares of AAPL are mostly driven by two factors: current buzz around new products and the year-out estimates; both factors should play out well in CY12. Apple did not redesign any major hardware products in 2011, which we believe sets up for a strong product year in 2012 with a redesigned iPhone 5, iPad 3 and potentially an Apple Television. Our bull case factors in strong upgrade cycles and market dynamics for iPhone 5 and iPad 3, driving potential revenue growth of 28% in CY13, or twice as fast as current consensus expectations at 14%. Growth of 28% could add $5.99 (or 15%) to our EPS estimate of $39.31 for CY13, adjusting only revenue," Piper said in the note. Shares of Apple are up 1.4% today.