Piper Jaffray Sees Favorable Reaction to Apple Shares

Piper Jaffray published a research report on Apple AAPL that reiterated its Overweight rating and $910 price target. In the report, Piper Jaffray wrote, "Domestic Mac NPD units for the September quarter are tracking down 7% y/y through the first two months of the quarter (July and August). We believe Street consensus calls for worldwide Mac units to be up ~5% y/y in the September quarter, or 5.1m units, in line with our current estimate. Given past Mac sales trends, we believe that the data suggests that Macs are likely trending in line with the Street's and our estimate. More importantly, Apple is holding an event likely for the iPhone 5 on Wednesday, which will be the next significant event for the stock. We expect shares to continue to react favorably into the iPhone 5 launch and reiterate our Overweight rating." Apple is currently trading down 1.70 percent from Friday's $680.44 closing price.