updated 12:40 pm EST, Fri December 17, 2004
iTunes run rate at 5.5 mil
Research firm Piper Jaffray on Friday said an update on iTunes downloads provided yesterday by Apple points to a . "Piper Jaffray said that based on Apple's iTunes update Thursday, the weekly iTunes run rate is about 5.5 million songs per week, up from 3.5 million to 4.0 million in the fiscal fourth quarter ended September. The research firm raised its fiscal first-quarter iTunes download estimate to 68.5 million from 52.1 million and that downloads could reach 474 million in calendar 2005, compared with Piper Jaffray's current estimate for 256 million." Piper Jaffray maintained an "outperform" rating on Apple with a $100 price target.