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Piper Jaffray raises Apple target price on iPod sales

Piper Jaffray analyst Gene Munster has raised his estimates for Apple based on continued growth of “other” products such as iPods and software. The target price was raised from US$30 to $32. “We believe AAPL shares can achieve our $32 price target within the next several quarters through continued growth of other products (i.e., iPod , software, etc.), but will need sustained growth in Mac and/or significant product introductions (or material iPod upgrades/changes) to get the stock to the next level,” Munster wrote in a research report released Tuesday. He also speculates a bit on future Apple products in the report. “While we do not have evidence of the existence of these products, we have heard rumors that they may be in development: 30″ monitor, desktops in various colors (likely iMac), and color screen iPod.”

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