Piper Jaffray: Apple iPhone Announcement As Expected

Piper Jaffray published a research report on Apple AAPL following the company's iPhone 5 announcement event. In the report, Piper Jaffray wrote, "Apple officially announced the iPhone 5 today and we believe the phone will meet or exceed consumer expectations. The redesigned phone gives us greater confidence in our feeling that Apple will sell 6-10 million iPhone 5s by the end of September and we are increasing our September quarter iPhone unit estimate to 27.2 million from 22 million to reflect our confidence. In terms of the stock, historically AAPL has traded down following product announcements. We believe the trend may continue with the iPhone 5 announcement for a week, but expect shares to start working again once investors see the lines for the phone and going into earnings and a potential smaller iPad launch in October." Piper Jaffray maintained its Overweight rating and $910 price target on Apple, which is currently trading up 1.22 percent from Tuesday's $660.59 closing price.