Barclays Raising Numbers on Apple (AAPL); Still See More Momentum into Several New Product Cycles

Barclays maintains an 'Overweight' on Apple (NASDAQ: AAPL), PT raised from $465 to $515.

Barclays analyst says, "Apple is building the tablet category practically single-handedly, while continuing to execute above expectations in the iPhone category. We believe that further upside could lie ahead with new product cycles in iPhones, Macs (new products and Lion) and even iPads again..."

"Given higher iPhone, iPad and gross margin estimates, we now estimate F4Q EPS of $6.50 (was $5.80) on 35% y/y revenue growth to $27.5B (was $25.7B). For FY11 we estimate EPS of $27.13 (was $24.07) on 65% y/y revenue growth to $107.5B (was $101.3B). For FY12, we estimate EPS of $32 (was $28) on 23% y/y revenue growth to $132.3B (was $122.4B). For FY13 we estimate EPS of $36.80 (was $32.27) on 17% y/y revenue growth to $154.9B (was $143.6B)."

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

Shares of Apple closed at $376.85 yesterday.

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