UPDATE: Barclays Capital Reiterates Overweight Rating, Raises PT on Apple Following Better-Than-Expected iPhone Sales

In a report published Tuesday, Barclays Capital analyst Ben A. Reitzes reiterated an Overweight rating on

, and raised the price target from $525.00 to $540.00. In the report, Barclays Capital noted, “As a result of better-than-expected unit sales for the iPhone near term and better response from carriers and consumers, we are raising our estimates and boosting our target price to $540. We believe that while supply of iPhone 5S models are relatively low, Apple should be able to ramp production quickly and can launch the phone globally momentum even into the March quarter – especially if China Mobile is added to the carrier line-up, which seems likely. We maintain our Overweight rating.” Apple closed on Monday at $490.64.