Apple (AAPL) was upgraded to “Overweight” from “Equal weight” by Barclays’s Ben Reitzes on Monday, who said new product checks were strong and that trouble at electronics giant Samsung opens up an opportunity for Cupertino to regain market share.
Reitzes wrote [via StreetInsider]: “We believe Tim Cook has solidified his strategy and re-gained the confidence of Apple stakeholders in many ways – reversing many of the warning signs we saw earlier in the year. Second, Samsung’s weakness creates a large unforeseen buffer. Third, our checks around new products (builds, demand & quality) into 2015 are so strong, we are compelled to get on board even if its midway through the rebound trade. Even the March and June upside we have seen change the outcomes for iPhone’s growth trajectory and brand appeal.”
The price target on the stock was raised to $110 from $95 a share.
Apple shares are up $1.27, or 1.33% to $96.48 at 9:49 a.m. on Monday, moving toward their 52-wk high of $96.80.