Piper Jaffray Reiterates Overweight, $607 Target on Apple

Piper Jaffray maintains its Overweight rating and $607 target price on Apple, Inc. AAPL as it takes a closer look on iCloud and iTunes Match. Piper Jaffray comments, “Apple has taken its mobile services strategy to the next level with iCloud and iTunes Match. This note looks at our take on FAQs surrounding these new products. While we do not believe these products will have a measurable direct impact to revenue or earnings, we do believe they will have an indirect impact at strengthening the iTunes +iOS ecosystem, thereby increasing the number of Apple devices per customer and raising retention.” AAPL closed at $389.09 per share on Wednesday.