Research Firm Piper Jaffray has reiterated an “outperform” rating and US$52 target price on Apple, saying there may be upside to calendar 2006 estimates based on the success of iTunes, reports Forbes. “We are currently modeling for iTunes revenue to account for 5% of revenue in calendar 2006,” Piper said in the story, adding that “Apple could realize incremental earnings-per-share of 2 cents in 2006 based on an iTunes operating margin of 5%. Alternately, Apple could see upside of 6 cents per share on a 7.5% iTunes margin, or 8 cents based on a 10.0% iTunes margin, according to Piper.”