Piper Jaffray Raises Its Price Target on Apple (AAPL)

Piper Jaffray is out with its research report today on Apple AAPL raising its price target from $438 to $483. In its note to clients, Piper Jaffray writes, "Overall y/y revenue growth accelerated for the fifth quarter in a row to 71% (despite anniversarying a tough y/y comp). In addition, iPhone units exceeded Street estimates by 3% and we were surprised that ASPs increased 3% sequentially. This increase in iPhone ASP is evidence that carrier and consumer interest in the iPhone remains strong, and despite Apple adding additional carriers, ASPs have gone up." Piper Jaffray is Overweight on AAPL. AAPL closed yesterday at $340.65, down 2.25% from Friday's close.