Barclays Reiterates an 'Overweight' on Apple (AAPL); Mac Sales Re-Accelerate in May, Expecting Better Growth in June

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

Barclays analyst says, "We continue to believe Apple can benefit from solid iPad and iPhone demand, Mac share gains, international expansion, and a pipeline of innovations."

"Mac Units Grow 21% Y/Y in May; New iMacs Likely Helped: NPD US data indicates that Mac units grew 21% y/y in May following 9% y/y growth in April with the re-acceleration in Mac sales likely driven by the launch of new iMacs in early May offset slightly by a continued tough compare....PC Industry Units Grow 9.5% Y/Y in May: NPD US data indicates that total PC unit sales grew 9.5% y/y in May vs. +5% y/y in April...Pod Units -12% Y/Y in May; Still Trending Above Quarterly Estimate: NPD US data indicates that iPod units declined 12% y/y in May vs. -6% y/y in April. iPod ASPs were up 1% (vs. +3% y/y last month). We currently estimate an iPod unit decline of 18% y/y in C2Q which could prove conservative given the April + May data."

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

Shares of Apple closed at $326.60 yesterday.

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