Piper Jaffray has reiterated its “outperform” rating on Apple, saying the company’s 2005 retail strategy will serve as a catalyst for revenue growth. “We believe the Street is underestimating the power of Apple’s retail strategy,” Piper Jaffray said. The research firm said Apple plans to gain new customers in high-traffic areas thanks to their attractive storefronts. “The hope is that these visitors will purchase Apple products in the future,” Piper Jaffray said. “The surprise of last (June) quarter centered on better-than-expected results in the core Mac business, which beat our estimates by 6%,” Piper Jaffray said. “We feel that the ongoing rebound in the creative pro market will impact Apple sales. Also, we view last quarter’s results as the first evidence that adoption of iPod has been improving underlying demand for Macs.”