UPDATE: Piper Jaffray Maintains Overweight Rating for Apple on Positive Outlook for iRadio
In a report published on Monday, Piper Jaffray analyst Gene Munster reiterated an Overweight rating for Apple (NASDAQ: AAPL) and maintained a price target of $655.
In the report, Piper Jaffray stated, "We believe it is likely Apple will get into the music streaming space with an announcement at WWDC. We believe the company has a golden chance to gain measurable market share quickly given Apple currently has over 500m active iTunes accounts compared to Spotify which is approaching 30 million users with about 7-8m paid and Pandora with 70 million active users and 2.5m paid as of April 2013. Apple has a strong base of iTunes customers to jump start its offering."
Apple shares closed Friday at $441.81.
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