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 Inc.

based on Apple's plans to introduce a music streaming service and a revamp of the iOS. In the report, Munster 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 are currently priced at $447.55, up 1.30 percent from its previous close of $441.81.