Barclays Reiterates an 'Overweight' on Apple (AAPL); September Quarter a Warm-up for a Big December

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

Barclays analyst says, "Expecting Solid Quarter with Upside Possible from iPads and Macs: With regard to Apple's C3Q results, we believe upside could be driven by strong sales of iPads and Macs, an an upward bias to gross margins given benign component costs. Therefore, we believe our C3Q11 estimate for EPS of $7.10 (consensus = $7.36) based on 43.1% y/y revenue growth to $29.1B (consensus = $29.6) is likely very conservative. For F1Q12 (ends December), given our confidence in the iPhone upgrade cycle, we are comfortable with our EPS estimate of $9.57 and our revenue estimate of $39.9B. However, we wouldn't be surprised to see Apple guide below this forecast given its normal practice of conservative guidance."

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

Shares of Apple closed at $419.99 yesterday.

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