Barclays Reiterates an 'Overweight' on Apple (AAPL); iPhone Still Expected to Outgrow Market

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

Barclays analyst says, "Ahead of Barclays Capital's 12th annual Global Communications, Media and Technology Conference in NY, our Wireless team raised its handset estimates - including those for smartphones. Within smartphones, the team now forecasts 420 million units in 2011(was 410 million), representing 49% growth yoy - with the market growing to 851 million units by 2014. We continue to believe Apple is well positioned to grow faster than the smartphone market over the long term given its innovation in software, the need to add more carriers, its leading number of Apps available and its upcoming new services. For example, we see the new iCloud service (to be introduced by 2H11) and a mobile payments network (likely a FY12 event) as potential catalysts for increasing the "utility" of the iPhone. We believe that Apple could see sales surge in the December quarter of this year with a new product and with the most upside likely in FY12 with a major iPhone upgrade for 4G networks."

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

Shares of Apple closed at $334.40 yesterday.

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