Barclays Reiterates an 'Overweight; on Apple (AAPL); Weekend Shopping Results Solid; iPad Sentiment Still Key

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

"Black Friday Sales Appear Solid; Some Stimulus for iPad: Checks indicate that sales over Black Friday and Cyber Monday were quite solid for Apple, largely in line with our expectations. We checked and visited with several stores, with our findings indicating iPad sales picked up a bit, along with Macbook Airs and Macbook pros with very large crowds throughout the US. The iPad discounts were only slightly better than last year ($61 off the 3G-enabled versions), and we had predicted a slightly bigger price promotion. Predictably, our checks showed the most elasticity for the 16GB Wifi version of the iPad, given it had the highest percent of total price discounted."

"Despite some deceleration in the US, we believe Macs have momentum overseas in Apple's December quarter. We estimate Mac unit growth of 22% y/y in C4Q. In addition, iPhone 4S sales still appear robust with sales ramping in Asia. We currently estimate Apple C4Q revenue of $39.0 billion (consensus = $37.9 billion) with gross margin of 40.0% and EPS of $9.66 (consensus = $9.70)."

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 $376.12 yesterday.

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