Piper Jaffray Overweight on Apple

Piper Jaffray is out with a research report on Apple

and it has an Overweight rating and a $607 price target on shares. In a note to clients, Piper Jaffray writes, "On Fri. (10/21) excerpts from Steve Jobs biography hinted that Apple may be working on an television. Independent of the data point from Fri., we have long believed that Apple was planning to launch an all-in-one television in late 2012 or 2013. Our thesis is based on meetings with contacts close to Asian component suppliers, industry contacts, Apple's patent portfolio for television technology, and recent product launches (iCloud, Siri). If Apple was going to launch a TV in late 2012, we believe it would add about 3% to our 2013 revenue and only be slightly dilutive to GM. Most importantly, we believe a new growth driver will be positive for AAPL's multiple." Shares of AAPL closed at $392.87 yesterday.