Piper Jaffray Maintains Overweight on Apple (AAPL)

Piper Jaffray is out with its report today on Apple AAPL, maintaining Overweight in anticipation of the iPad 2 launch.

In a note to clients, Piper Jaffray writes, "We believe initial demand for iPad 2 will be strong but lines at Apple retail stores could be shorter than lines for the first iPad. We also believe Apple will reach sales of 1m iPad 2s faster than the 28 days it took to sell 1m first generation iPads. Higher sales are possible despite shorter Apple store lines given the dramatic increase in distribution points for the iPad 2 launch. Maintain Overweight rating and PT of $483 based on 18x CY12E EPS of $26.85."

At the time of posting, shares of AAPL were trading pre-market at $355.51, up 0.04% from Monday's close.