Barclays Reiterates an 'Overweight' on Apple (AAPL); 4S Sees Record Pre-orders, We Expect Big Cycle

Barclays reiterates an 'Overweight' on Apple (NASDAQ: AAPL) price target of $555.00.

Barclays analyst says, "Pre-orders start Strong for iPhone 4S Models: On 10/4, we attended a presentation by Apple to introduce the iPhone 4S. Apple also introduced a lower-end version of the iPhone 4 with 8GB of memory and is keeping the 3GS product in the line-up as well. New features include world phone capabilities, Siri personal assistant software, a faster processor, a much better camera, and a new antenna design. The new products will become available over the course of this month and the pace of this iPhone rollout is the fastest in the iPhone's history and points toward a big December quarter push (we note that December is a 14-week quarter this year). We believe our estimates for Apple could still be conservative. On its first day, pre-orders for the 4S topped 1 million units."

"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."

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

Shares of Apple closed at $388.81 yesterday.

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