Apple Drops on Barclays Cut

Barclays has joined the growing list of industry analysts that have cut their price target for Apple

. On Monday, Barclays cut its projection from $800 to $740. However, the bank maintained its Over-Weight rating. With shares trading near $530, Barclays still sees healthy upside. Also on Monday, Credit Suisse released a note outlining its projections. CS reiterated its Outperform rating for Apple and $750 price target. Credit Suisse cited Apple's “structural advantage in the broader computer market” as the primary reason for its outperform rating and predicted that the company would continue the consolidation of its smartphone market share, estimating a potential increase in iPhone sales of 75 million units annually. Not everyone is in agreement that Apple's future looks so bright. Many Apple critics have pointed to smartphones from Samsung. The South Korean tech giant has been able to penetrate a larger segment of the market with numerous products it offers at a wide variety of price points. This gives it a distinct advantage over Apple who does not possess a product line anywhere near as diverse. There's also been some speculation that sales of Apple's flagship iPhone 5 have been sluggish in recent months. At any rate, investors should look towards Apple's earnings. The company is expected to report its first quarter earnings on Wednesday, January 23.