Piper Jaffray Reiterates Overweight Rating on Apple Following June Quarter Revenue/EPS

In a report published Wednesday, Piper Jaffray analyst Gene Munster reiterated an Overweight rating and $655.00 price target on Apple AAPL.

In the report, Piper Jaffray noted, “Apple reported June quarter revenue and EPS largely as expected with stronger iPhones and weaker iPads. Overall we continue to view the iPhone as the most important part of the story and believe the 18% upside to iPhone units outweighs the 5% q/q ASP decline triggered by a price cut for iPhone 4 in emerging markets. iPad softness was likely driven by a slowdown in the higher end tablet market. The bottom line is the company is navigating well through these transitional quarters and we believe the key factor on the stock remains expected new products over the next six quarters including a cheaper phone in the fall, the TV announcement late this year, and an iWatch in 2014.”

Apple closed on Tuesday at $418.99.