UPDATE: Barclays Upgrades Apple, Has High Expectations For Near Term

In a report released Monday, Barclays analyst Ben Reitzes upgraded Apple (NASDAQ: AAPL) from Equal-Weight to Overweight, while raising the price target from $95 to $110.

Analysts at Barclays hold confident on Tim Cook's strategy and believe other shareholders are starting to gain confidence as well from the company's past uncertainty displayed in March. Reitzes believes market share opportunity is presented in Samsung's recent decline. Barclays holds high expectations on Apple's new products into 2015.

Barclays forecasts Apples 2015 EPS to be $7.10 based on a 13 percent growth in revenue to $207.2 billion. Its price target of $110 is given by a 14x FY 2016 EPS estimate of $7.63.