Munster Stays Bullish on Apple

Piper Jaffray analyst Gene Munster sees very limited downside in shares of Apple AAPL going forward. Expectations for the iPhone 6 are low, meaning a worse case scenario for investors would be announcements do not move the stock in either direction, according to Munster. Management is also in a favorable position to defend the stock using a modest dividend increase, or repurchases with March quarter earnings, said the Piper analyst. Munster is expecting iWatch announcements in the second half of 2014. The analyst reiterated an Overweight rating and $640 price target. Shares of Apple are up 0.13 percent to $543.30 in Wednesday's pre-market trading.