Piper Jaffray Recommends Owning Apple Shares into the June Quarter

“We recommend owning shares of Apple AAPL into the June quarter based on the news flow turning progressively more positive in 2HCY11, including a huge spike in Sept. iPhone units, back to school, and anticipation of strong holiday iPad sales,” Piper Jaffray wrote in a report this morning. “We expect 16m iPhones, a sequential decline ahead of new hardware in the Sept. quarter, when iPhone units will rebound to an estimated 21m. Apple announced 25m iPads on 6/6, suggesting 8m iPads in June. Mac and iPod will likely be in line with consensus based on two months of NPD data.” Apple closed Wednesday at $358.02.