Piper Jaffray analysts believe Apple's new iPod nano is "selling well".

This follows observations from American Technology Research yesterday that sales of the new product are "good, not great".

Based on a survey of 20 Apple retail stores, Piper Jaffray said. "No store that we checked with had black 4GB nanos in stock." The analysts also observed Apple's website traffic to be at an "all-time high", according to Forbes.

The analysts also revealed Apple to have the facility to produce enough iPods to meet demand, with a dedicated factory to produce the tiny new music players. They also observed that the company may sell beyond its expectations.

Piper Jaffray rates Apple as an outperforming stock with a $60 price target.