UPDATE: Piper Jaffray Raises PT on Apple to $910

Piper Jaffray has published a research report on Apple

after raising the price target from $718 to $910 on the company. In the report, Piper Jaffray writes, "We believe shares of AAPL will reach $1,000 in CY14, which would imply a roughly 1 trillion dollar market cap, the first in history. While some investors believe the biggest issue for AAPL to get to $1,000 is the market cap along with excessive investor exuberance, which we address in this note, we believe the real story is earnings growth. Fundamentally, we believe shares can reach $1,000 based on our belief Apple will continue to win in global mobile devices. As a result, we remain confident in our $80.18 CY15 estimate. A 12x multiple (stock's current out year EPS multiple) on our CY15 EPS of $80.18 yields $960; however, this excludes an Apple Television, which we believe could add more than $4 in EPS (5%) by CY15, which would yield over a $1,000 share price (12 * ~$84)." Piper Jaffray maintains its Overweight rating on Piper Jaffray, which closed yesterday at $618.63.