Piper Jaffray Reiterates Overweight Rating, $640 PT on Apple Following Results of Teen Survey

In a report published Wednesday, Piper Jaffray analyst Gene Munster reiterated an Overweight rating and $640.00 price target on Apple AAPL. In the report, Piper Jaffray noted, “Our most recent semi-annual Teen survey demonstrates that Apple remains the most popular tech brand amongst teens. As of Fall 2013, the iPhone represented nearly 55% all phones used by teens and the iPad family remained at close to 70% share of tablet ownership. We believe that while Samsung seemingly had some momentum with teens over the past year, Apple's brand and product quality has enabled it to remain the top choice for teen consumer electronics. We reiterate our Overweight rating and $640 price target.” Apple closed on Tuesday at $480.94.