UPDATE: JP Morgan Raises PT on Apple to $715

JP Morgan has published a research report on Apple

and has raised the price target from $625 to $715 based on better than expected sales activity for Apple products. In the report, JP Morgan writes, "For OW-rated Apple, we are raising estimates and our Dec-12 price target to $715, vs. $625 previously. The key drivers of our estimate changes are better than expected unit sales activity of the iPhone and iPad. The purpose of our report is to highlight the incremental changes in unit growth trajectories versus our prior expectations. Looking ahead, there are plenty of potential near to mid-term catalysts, including 1) MacBook refresh, 2) iPhone refresh, and 3) increasing penetration of Asia-Pacific. Longer term, we think that the eventual introduction of Microsoft Office for the iPad should open the door for Apple to the enterprise PC segment." JP Morgan maintains its Overweight rating on Apple, which closed yesterday at $618.63.