Piper Jaffray Raises Apple Price Target

Gene Munster of Piper Jaffray reiterated his Buy recommendation on Apple AAPL, but raised his price target to $120 from $105, although he did warn of iPhone 6 early sales comparisons.

Munster said the company may launch new products and services that could give investors optimism that the platform theme is expanding.

With shares of Apple last trading at $103.50, Munster's new price target represents potential upside of about 16 percent.