UPDATE: Piper Jaffray Reiterates Apple at Buy with $900 PT on Wearable Computer Thoughts

Piper Jaffray reiterated its Overweight rating and $900 price target on Apple

in a note released on Wednesday. Piper Jaffray noted, "We note that recent speculation from tech blogs suggests that Apple may launch a watch as a companion device to the iPhone. While we are unsure of the ultimate launch timing (likely 2014 or later), we believe that Apple will eventually introduce some type of wearable computing product. As we have previously noted, we believe that wearable computers will ultimately be a major future trend. We expect Apple could profit from the trend in two ways. First, the company could create products for consumers, like the watch. Second, we believe the company could expand its MFi program that licenses hardware manufacturers the ability to make products that connect to iOS devices." Apple closed at $532.17 on Monday.