NEW YORK (TheStreet) -- Shares of Apple Inc (AAPL) 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 Conference event in a note this morning.
"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.
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