Barclays Reiterates an 'Overweight' on Apple (AAPL); The Day Has Come...

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

Barclays analyst says, "While we do not believe that Steve Jobs is replaceable, it is worth noting that Tim Cook is a proven executive who can handle the pressure and knows how to run the inner workings of Apple in Jobs' shadow. While the stock could see some immediate headline pressure, we expect sentiment to rebound through next year with strong execution and new product cycles. While the economy remains a concern for all companies in our sector, we anticipate Apple to gain substantial share in smartphone and PC-related segments as the entire company executes its strategy. We recommend buying shares on any substantial weakness."

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

Shares of Apple closed at $376.18 yesterday.

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