Barclays Reiterates an 'Overweight' on Apple (AAPL); iPad Trend a Concern, but iPhones the Key

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

Barclays analyst says, "iPad Supply Chain Patterns Still Back Sequential Growth in December Quarter: Apple shares have under-performed the S&P 500 of late largely due to iPad demand/build concerns and even iPhone build concerns. We believe the iPad concerns have some merit, but are not a long-term problem - and the iPhone concerns seem overblown. While iPad estimates lack upside and have even some modest downside, we believe Apple still has significant holiday momentum with the iPhone, Macs and in China. Also, the jury is still out on the Amazon Fire (Nasdaq: AMZN). We believe the iPad still stands out as the industry standard in terms of software integration. Some of the early reviews for the Fire are less than flattering. We believe that iPad is set for a new product cycle in FY12, which will reaccelerate the category."

"iPhone - What is all the Fuss About? One thing seems universal from our extensive checks and conversations with colleagues - the iPhone demand still seems quite strong. Checks still show regular daily stock-outs of the 4S at Apple stores in the US. Internationally, signs show strong demand, especially in China..."

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $379.26 yesterday.

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