Barclays Maintains an 'Overweight' on Apple (AAPL); Mac Growth Re-Accelerates in July with New Products - Gaining PC Share

Barclays maintains an 'Overweight' on Apple (NASDAQ: AAPL) price target of $515.00.

Barclays analyst says, "We continue to believe Apple's market cap can see further gains as it extracts more profits out of the traditional PC and mobile phone industries...We believe Apple will continue to gain share in Macs over the long term even as the iPad grows. Given the data and our checks, our estimate for Mac growth of 18% y/y for Apple's C3Q, may turn out to be conservative even though the global economy appears to be slowing quite a bit."

"...We estimate a 17% y/y unit decline for iPods for C3Q. We believe the economy could have a more negative impact on iPod sales than on Macs or iPads in the current quarter."

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

Shares of Apple closed at $356.44 yesterday.

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