Piper Jaffray Reiterates Overweight Rating, $910 PT on Apple

In a report published Friday, Piper Jaffray & Co. reiterated its Overweight rating and $910.00 price target on Apple AAPL. Piper Jaffray noted, “We believe that while the media bubble around the iPhone 5 has met the phone launch with mixed opinion, the reality is that when actual consumers have the product in hand, we believe they will be impressed. We view the iPhone 5 as the Rolex of smartphones in terms of quality and build, while the majority of other phones are dominated by lesser quality plastic and feel more like Timexes. Why would someone buy a Timex when they can have a Rolex for the same price? Additionally, we believe that consumer sentiment around the iPhone 5 is significantly better than it was for iPhone 4S despite the lack of excitement by the tech media. We remain confident in our 6-10 million unit estimate for iPhone 5 for the remainder of September and 49 million iPhone estimate for December.” Apple closed on Thursday at $682.98.