Munster: Apple working on more Wi-Fi enabled iPods

In a recent research note, Piper Jaffray analyst Gene Munster said he believes Apple is working on more internet-enabled iPods in an effort to move the brand beyond the portable music player market. “We believe that the iPod touch is the first of several Internet-connected iPods that Apple is currently developing,” Munster said in the note. “With 70% market share, we believe Apple is in the driver’s seat in terms of transforming the portable music market into a portable computing market.” Munster’s comments in some ways reflect those made by Apple CFO Peter Oppenheimer during the company’s first quarter results conference call, in which the exec described the iPod touch as “the first mainstream Wi-Fi mobile platform.” Munster also reiterated his buy rating and $250 price target on shares of Apple’s stock (AAPL).