Piper Jaffray Comments on Apple's TV Exploration

Piper Jaffray has published a research report on Apple

commenting on the company's exploration of TV components. In the report, Piper Jaffray writes, "We see several possibilities for Apple in terms of “live” (i.e. first-run) TV content for a television: 1) Apple could simply enable its television to manage a consumer's live TV service from within a unified interface (much like TiVo but without a set top box); 2) Apple could offer access to live TV from network programming in combination with web-based video services (Netflix, Hulu Plus, etc. from an App Store); 3) Apple could offer monthly subscriptions on an a-la-carte basis for live TV packages with content from content providers; the most challenging scenario due to existing licensing arrangements." Piper Jaffray maintains its Overweight rating and $670 price target on Apple, which closed yesterday at $456.48.