Barclays Sets New Street-High Target on Apple (AAPL) at $710

Barclays analyst Ben Reitzes boosted his price target on shares of Apple (NASDAQ: AAPL) Tuesday morning, setting a fresh Street-high price target on the world's largest publicly-traded company. Reitzes now sees Apple shares rising to $710 over the next year, up from a prior target of $630. The Barclays analyst maintains an Overweight rating on Apple.

Reitzes believes Apple could post annual earnings of at least $75 per share within the next five years. Sales would be around $300 billion at this time. The analyst lifted his FY12 EPS estimate from $42.52 to $43.98 and his FY13 estimate from $48.46 to $50 even. The Street consensus estimates currently sit at $42.72 for FY12 and $47.49 for FY13.

The Barclays note comes just one day ahead of a special media event where Apple is expected to announce its iPad 3 -- or rather, its "not-iPad 3."

With shares of Apple down 0.8 percent to around $528.42 Tuesday morning, Barclays' new price target represents potential upside of about 34 percent.

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

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