Piper Jaffray Reiterates Overweight Rating, $640 PT on Apple Ahead of iPhone 5S Launch

In a report published Thursday, Piper Jaffray analyst Gene Munster reiterated an Overweight rating and $640.00 price target on Apple AAPL. In the report, Piper Jaffray noted, “We continue to believe Apple could sell 5-6 million iPhone 5S/5C units in 11 launch countries during the first weekend, starting this Friday morning local time. We note that the opening weekend sales figure will include online pre-order iPhone 5C units that started on September 13. There were no pre-orders for iPhone 5S. Our 5-6 million unit range compares to iPhone 5 launch weekend sales from last year at 5 million units. While the 5-6 million range may be viewed by some as a disappointment given that it will include China as a launch country for the first time, we believe our survey work suggest that demand is healthy, but slightly below where demand was for the iPhone 5 was last year, which included a new form factor. We maintain our $640 price target and Overweight rating.” Apple closed on Wednesday at $464.68.