Barclays reiterates an 'Overweight' on Apple (AAPL); Continues To Grow PC Share; Checks Positive Out of Asia

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

Barclays analyst says, "Checks in Asia Bode Well for Apple: So far, our checks in the region indicate bright prospects for Apple. We believe that Apple's iPad and iPhone are set to see rapid expansion in the region with new product cycles. We believe a new iPhone 5 can sell in China as early as December which could significantly accelerate sales. Consequently, there could be considerable upside to our estimates for iPhone sales of 25.1 million units in the December quarter (builds seem to be well above this figure). We expect Apple to upgrade the iPhone in October but we wouldn't be surprised if the iPhone 4 remained in the line-up at lower price points to fend off competition from lower priced Android phones. With regard to tablets, compared to our visit to the region last spring, the tone around Apple's competitors is much more subdued. We believe that Apple will continue to dominate the market globally and expect that it will announce the iPad 3 by March at compelling price points that should solidify its lead."

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

Shares of Apple closed at $379.94 yesterday.

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