UPDATE: Piper Jaffray Raises PT to $718 on Apple

Piper Jaffray reiterates its Overweight rating on Apple AAPL and raises its price target to $718 from $670 on expectation of market share expansion in mobile devices. Piper Jaffray notes, "Apple has established a solid foothold in two rapidly growing mobile device markets: smartphones and tablets. However, we believe our model did not previously give the company enough credit for growth based on expected growth rates for the smartphone and tablet markets. As a result, we are raising our iPhone, and iPad numbers for CY13 to more accurately reflect Apple's strong position in these markets. Additionally, we are introducing estimates for CY14 and CY15 to outline a roadmap for Apple's continued growth. Our base model assumes Apple will sell 385m iPhones and 176m iPads in CY15, leading the company to $80 in EPS on $320b in revenue in CY15." AAPL closed at $589.58 a share on Wednesday.