UPDATE: Barclays Raises Apple (AAPL) Price Target to $525

May 6, 2013 7:41 AM EDT
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Price: $133.93 -0.04%

Rating Summary:
    44 Buy, 19 Hold, 6 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 14 | Down: 9 | New: 25
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(Updated - May 6, 2013 10:17 AM EDT)

After slashing their price target on Apple (NASDAQ: AAPL) multiple times over the past four months, Barclays is now going the other way. Today the firm maintained an Overweight rating and raised its price target from $465 to $525.

Analyst Ben A. Reitzes thinks the Apple narrative is changing and shares could rally above $500 in "short order."

"Even with the recent rally, we believe that shares are underappreciated and we detect a high amount of investor apathy still for the name – with many investors believing that the new product cycle will not matter," said Reitzes.

He thinks investors and customers will start talking about new products again soon starting with Mac event on June 10th and a likely iPhone/iPad even in September.

Reitzes also thinks Apple margins estimates for June and September are conservative "given potential trends in warranty accruals, mix and Apple's pricing plans."

For an analyst ratings summary and ratings history on Apple (NASDAQ: AAPL) click here. For more ratings news on Apple click here.

Shares of Apple closed at $449.98 yesterday.

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