Apple (NASDAQ:AAPL) Continues to Impress Barclays (NYSE:BCS)

Talking on their outlook for Apple (NASDAQ:AAPL), Barclays (NYSE:BCS) gave a impressive look at how they feel the company will continue to run on all cylinders.

Barclays said, "We continue to believe Apple's valuation is attractive and that shares can benefit from strong iPad & iPhone 4 demand, Mac share gains, significant international expansion, and a pipeline of new innovations.

"We remain excited for iPad 2 - which we expect to be announced over the next 6 wks - shipping by March/April. New features should include front & rear-facing cameras (FaceTime), a USB port, and a high resolution display. We estimate iPad unit sales of about 23 million in CY11 - which is likely quite conservative - although some estimates calling for sales in the 40 million range may prove unrealistic without a lower price point.

"Checks show Macs are clearly gaining share due to strength of the new MacBook Airs. NPD weekly data indicates total PC unit sales in the US declined 4% y/y the week of 12/19-12/25 vs. Mac unit growth of 24% y/y over the same period. We believe Macs should continue to gain share in the US, despite iPad popularity."

Barclays reiterates an "Overweight" on Apple, which closed Tuesday at $331.19, up $1.72, or 0.52 percent. Barclays has a price target of $390 on Apple.