Teen iPhone Ownership Strong and Growing - Piper Jaffray (AAPL)

Piper Jaffray analyst Gene Munster noted the firm's latest 'Taking Stock With Teens' survey sowed that iPhone ownership among teens continues to climb higher. Munster reiterated his Overweight rating and $172 price target on Apple (NASDAQ: AAPL).

Munster commented, "Apple maintained steady momentum in iPhone ownership among teens in our most recent Teen Survey (6,530 participants). iPhone ownership rose to a high of 69% vs. 67% in Fall-15. 75% of teens expect their next phone to be an iPhone from 74% in Fall-15. We continue to expect small positive changes in the share numbers for iPhone given purchase intent and the over indexing of teens to the U.S. in total, where we believe iPhone has around 50% share. In terms of Apple Watch, 12% of teens own a smartwatch and Apple Watch represented 71% share of those owners. AAPL remains our top pick for 2016, and the Teen Survey confirmed for us that the brand remains healthy among the young demographic. We maintain our Overweight rating and $172 price target on AAPL shares."

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $110.44 yesterday.

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