Barclays Maintains an 'Overweight' on Apple (AAPL); Laying the Foundation for Future Product Cycles

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

Barclays analyst says, "While not catalysts, we believe the software and service upgrades announced today will help keep Apple ahead of its competitors in digital music and within the mobile ecosystem (i.e., Amazon (Nasdaq: AMZN) and Google (Nasdaq: GOOG)). While it may not be obvious today, we believe these innovations are laying the foundation for the next round of share gains in mobile phones, tablets and computers, especially with 4G connectivity going mainstream next year."

"Our price target for Apple is $465 based on 14x our FY12 EPS estimate of $28.00 excluding interest income ($0.34) but adding back cash ($70)."

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

Shares of Apple closed at $338.04 yesterday.

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