Piper Jaffray's Gene Munster Says Buy the Dip in Apple

After investor reaction to Apple's (NASDAQ:AAPL) most recent quarter was surprisingly negative, Piper Jaffray (NYSE:PJC) analyst says he would be a buyer of the stock on this 5% decline pre-market.

Munster, never one to mince bullish words, said even though Apple only reported 4.1 million iPads sold, true demand is closer to 4.5 million. He also raised his 2011 sales growth estimate to 32% from 24% and sees 2012 growth of 17%.

He finished by saying an iPhone release on Verizon's (NYSE:VZ) network would be a further catalyst. Munster lifts his target price from $390 to $429.

SmarTrend is bullish on shares of Apple and our subscribers were alerted to buy on September 08, 2010 at $261.74. The stock has risen 21.5% since the alert was issued.

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