NEW YORK (TheStreet) -- Shares of Apple Inc (AAPL) - Get Report were rising, up 0.43% to $130.51 in midday trading Wednesday, after analysts at Piper Jaffray suggested that the tech giant will launch a new streaming music service next week at its Worldwide Developers Conferenceevent in a note this morning.

TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio says, "The conference has, historically, had some positive impact on the stock."

"The reason to own, and not trade it, however has much more to do with superior products, fabulous management and an amazing balance sheet that gives the company the opportunity to reward its shareholders - all for 12 times this year's earnings!" Cramer added.

Piper Jaffray thinks Apple's recent new services, including Apple pay, will layer new revenue streams on top of its hardware. Analysts believe this is a sign that the company's innovation continues and will be positive for the stock's multiple.

Piper maintained its "overweight" rating and a $162 price target on Apple shares.

However, Piper analysts noted that although the service would benefit the iPhone user experience, it may not necessarily add to the company's finances.

Apple also announced the recall of its Beats Pill XL speakers, saying that the speakers may overheat.

Apple designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, as well as a variety of related software, services, peripherals, networking solutions, and applications.

The company is based in Cupertino, Calif.

Insight from TheStreet's Research Team:

Apple is a core holding of Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Here's a snippet of what Jim Cramer, Portfolio Manager and Jack Mohr, Director of Research - Action Alerts PLUS wrote in a recent post:

Apple will charge $10 a month for the service, and make only a handful of songs available for free listening. While the move may cannibalize its download business, the subscription model offers the prospect of more revenue for both Apple and the biggest music labels.

Of the 110 million people who bought music on iTunes last year, the average customer spent roughly $30 over a 12- month period. Persuading a large share of those buyers to switch to a product that costs $120 annually will be a challenge, yet certainly not outside of Apple's realm of possibility.

The bottom line is that Apple continues to expand its ecosystem and find new ways to accommodate its customer base and generate incremental revenue.

- Jim Cramer and Jack Mohr, 'Apple to Expand Its Ecosystem' originally published 6/2/2015 on

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Separately, TheStreet Ratings team rates APPLE INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:

"We rate APPLE INC (AAPL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, robust revenue growth and notable return on equity. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."

You can view the full analysis from the report here: AAPL Ratings Report