Piper Jaffray Maintains Overweight On Apple

Piper Jaffray has an Overweight rating and a $540 price target on shares of Apple AAPL. In a note to clients, Piper Jaffray writes, "We are maintaining our Overweight rating on shares of AAPL following our survey at WWDC (June 6-10) of 45 developers. Note that our sample consists only of WWDC attendees who are iOS developers and would naturally favor Apple's platform, but 47% also develop on the Android platforms. The results of our survey show that iOS is the dominant mobile platform. Most notable, all of the 22 developers who develop on both iOS and Android prefer iOS for monetization and ease of development. We believe Apple's strong developer base will help it to maintain and gain share in mobile." Shares of AAPL lost $5.59 on Friday to close at $325.90, a loss of 1.7%.