Piper Jaffray Believes Mac Refresh will Help Apple Sales

Piper Jaffray has published a research report on Apple

believing that the Mac refresh should help accelerate sales. In the report, Piper Jaffray writes, "Domestic Mac NPD units for the first two months of the June quarter (April and May) are tracking down 18% y/y. Street consensus calls for worldwide Mac units to be up ~15% y/y in the June quarter, or 4.5m units. While there is greater risk of downside to our Mac estimates, we are maintaining our in-line Mac expectation as we expect the Mac refresh in June will help to reinvigorate unit sales. Looking ahead, we believe the main story over the next four months will be the iPhone 5, which we expect in October. We expect shares to react favorably into the iPhone 5 launch and reiterate our Overweight rating." Piper Jaffray maintains its $910 price target on Apple, which is currently trading down $0.43 from Friday's $580.32 closing price.