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Piper Jaffray Reiterates Outperform for Apple

Piper Jaffray reiterates Apple Computer (AAPL) at outperform and raises its target price.

Analyst Gene Munster recently surveyed 200 iPod users. The bottom line is that 13% of iPod users were formely PC users and that following their iPod purchase, have either already bought a Macintosh or plan to buy one in the next 12 months. He believes the remarkable satisfaction with iPod creates word-of-mouth wildfire and generates new customer interest.

Munster raises his $52 target to $100, based on 37 times calendar year 2006 earnings per share, plus cash/share, vs. previous multiple of 29 times calendar year 2005 earnings per share. While it is a multiple premium to group, he believes it is warranted given the growth potential of iPod and the carryover to the core Mac business.

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