Barclays Maintains an 'Overweight' on Apple (AAPL); No More Free iPods

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

Barclays analyst says, "We believe Apple can benefit from a pipeline of innovations. Concerns around iPhone sales and the timing of the next upgrade are the main issues adversely impacting Apple's share price at this time. We view Apple as a major share gainer in the category that can eventually see a significant q/q reacceleration in iPhone sales, helping shares recover."

"Apple launched its annual "Back to School" promotion which runs from 6/16 through 9/20. This year's promotion is offering a $100 gift card to be used on the Mac App Store, the App Store, the iTunes Store and the iBookstore in the US with a qualifying Mac purchase. Apple has traditionally offered a free iPod with purchase. We believe the strategy entails focusing students on using the Apple ecosystem for downloads - including the download of books for classes. The change also underscores how the iPod has clearly moved away from Apple's focus - and now fostering an iOS ecosystem with other devices is far more important. We still expect an iPod refresh in the September timeframe, which could happen alongside the launch of a new iPhone and the availability of iOS 5 and iCloud."

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

Shares of Apple closed at $315.32 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• KeyBanc Reiterates Underweight Rating on Apple (AAPL)
• Freedom Broker Upgrades Serve Robotics (SERV) to Buy
• Cantor Fitzgerald Reiterates Overweight Rating on Applied Materials (AMAT)