Barclays Raises Apple Price Target 31 percent ; Rating Overweight

Barclays Capital affirmed on Tuesday their “overweight” rating on shares of Apple Inc. (APPL), currently the second most valuable co. in the U.S.

Barclays analyst Ben A. Reitzes wrote in a research note to investors that his firm continues to believe Apple is the best growth play in IT hardware segment. Reitzes set a new price target of $385 from $340 for the Cupertino, Calif. – based tech giant — that’s as much as 31% upside from Apple’s closing pps on Monday of $294.07 — and emphasized the fact that Apple has prospects for significant organic revenue growth for several more years.

MW: “Even at this market cap [Apple] is the best growth play in the IT-hardware segment, with prospects for significant double-digit organic revenue growth for several more years,” the analyst wrote.

Apple is currently the second most valuable company in the US by market cap with a total of almost $272 billion. Exxon (XOM) has a market capitalization of $327 billion.

Apple share action: Up $1.48, or 0.50 percent, to $296.84 in morning trading Tuesday.

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About Ron Haruni 1064 Articles
Ron Haruni is the Co-Founder & Editor in Chief of Wall Street Pit.

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