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  • Barclays Says Apple's Market Momentum is Back


    If you haven't noticed, Apple has enjoyed a hearty bounce on Wall Street in recent weeks. And it now appears that financial analysts and firms are taking notice.

    This time around, they say, Apple's market momentum is both real, strong, and possibly more than just a fleeting uptick.

    Shares of AAPL closed just above $625 on Wednesday, a significantly higher level than what we've seen from the stock on average over the last twelve months. Consequently, price targets are being boosted across the financial world today for the tech stock.

    Today, Barclays’s Ben Reitzes raised his AAPL price target to $655 from $590, saying that he is among those “respecting the momentum.”

    "While we still have long-term margin concerns and issues with the company becoming too reliant on iPhone and its $450 subsidy, the momentum trade is hard not to acknowledge at this point, and we believe it is appropriate to bracket the valuation in a new range," the analyst is quoted today by Barron's.

    "Expectations are rising for the calendar 2nd half iPhone cycle," Reitzes adds. "The Barclays Asia IT Hardware Team believes current build plans for the iPhone 6 cycle are appreciably above current consensus expectations of 57-60 million for unit sales for C4Q of 2014 (Barclays is modelling Apple 4Q unit sales of 60 million). As is usually the case, many investors could be positioning now for earnings upside later in the year. We are concerned over a multi-quarter period that the new iPhones may be priced a bit too high."

    Source: Barron's
    This article was originally published in forum thread: Barclays Says Apple's Market Momentum is Back started by Michael Essany View original post