Barclays reiterates an 'Overweight' on Apple (AAPL); iCloud & Steve Jobs - Could Make WWDC Quite Eventful

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

Barclays analyst says, "We continue to believe Apple's shares can benefit from solid iPad and iPhone demand, Mac share gains, international expansion and a pipeline of innovations. We expect the stock to outperform in 2H11 as we move past iPhone product timing concerns."

"Apple CEO Steve Jobs and other Apple executives will give a keynote address from the company's annual Worldwide Developers Conference (WWDC). We believe it is important for Mr. Jobs to be in front of developers. Topics to be discussed include Mac OS X Lion, iOS 5 and iCloud. As for Macs, we believe the MacBook Air is soon due for a refresh - and we could see the new device debut at WWDC or shortly thereafter. As for iPhones, we wouldn't be surprised if new iPhone hardware is not discussed at this year's WWDC given we expect an update in the September timeframe. However, we expect iOS 5 to be a compelling upgrade...iCloud Could Help Sell More Devices (and Cheaper Too): Apple to use its iCloud service to "lock in" customers to its ecosystem by making content available seamlessly on all of its devices. We believe that Apple could charge a recurring fee for this service and will likely offer much more available memory than competitors since its users have much larger libraries of music, movies and photos..."

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

Shares of Apple closed at $347.83 yesterday.

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