Barclays Reiterates an 'Overweight' on Apple (AAPL); Google Announces Movies & Music: We Expect iCloud To Come Soon

Barclays reiterates an 'Overweight' on Apple (NASDAQ: AAPL), PT $465.

Barclays analyst says, "We continue to believe Apple's valuation is attractive as shares can benefit from iPad and iPhone demand, Mac share gains, international expansion and a pipeline of innovations. We look for the focus on WWDC to heighten over the next few weeks given recent competitive moves by Amazon (Nasdaq: AMZN) and Google (Nasdaq: GOOG)."

"Competition Could Be Good for Apple: We continue to believe Google's moves could actually be a good thing for Apple - given it deflects all anti-trust arguments - particularly around content - and encourages continuous innovation. We continue to believe Apple's ecosystem is the standard. We should hear about Apple's latest�innovations next at WWDC on June 6 where we expect the focus of the show to be�on software (iOS and Mac OS X Lion) and we also wouldn't be surprised if the company's iCloud initiative was on display as well. We believe Apple's new cloud initiative, combined with new software - could add major new features to the iOS platform across iPhone, iPad and the iPod Touch."

For more ratings news on Apple click here and for the rating history of Apple click here.

Shares of Apple closed at $347.23 yesterday.

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