No New Apple (NASDAQ:AAPL) Product Categories in 2011 Says Piper Jaffray (NYSE:PJC)

Piper Jaffray analyst Gene Munster said he believes there will be no new Apple (NASDAQ:AAPL) product categories in 2011, but the company will instead focus on improving their growing line of products.

Also noted by Munster was the probability that Apple would launch an iPhone compatible with Verizon (NYSE:VZ), saying it's almost a certainty in the March quarter. A fifth-generation iPhone should also be released sometime in the summer, Munster added.

A new iPad is also expected to be released sometime in the spring, as well as an cloud-based iTunes service in 2011.

As far as Apple TV, Munster said, "While Apple's commitment to the living room remains a 'hobby,' we continue to believe the company will enter the TV market with a full focus, as an all-in-one Apple television could move the needle when connected TVs proliferate. Moreover, in terms of markets that would be entirely new categories for Apple and could move the needle, we believe the television market makes the most sense."

An Internet, connected TV will probably be released in the next 2 to 4 years, according to Munster.

Piper maintains an "Overweight" rating on Apple, which closed Monday at $329.57, up $7.01, or 2.17 percent. They have a price target on Apple of $438.