Apple (NASDAQ:AAPL) Shares Should Continue to Benefit from iPad, iPhone, Mac

Citing the continual strong demand for Apple (NASDAQ:AAPL) iPads, iPhones, and Macs, along with a significant pipeline, Barclays sees more room for the share price to rise.

Barclays says, "We continue to believe that Apple's valuation is attractive and that the shares can benefit from strong iPad and iPhone 4 demand, Mac share gains, significant international expansion, and a pipeline of new innovations...We continue to expect more new and innovative products from Apple in 2011 that should interest investors. We believe the next key date will be a special event to announce iPad 2 over the next two weeks.

"While we acknowledge the risks around a potential CEO transition and sentiment toward Steve Jobs' leave, we believe Apple's cash flow more than warrants investment here at the current valuation. At its current pace, Apple could have close to $150/share in net cash on its books by the end of FY13, which seems to give Tim Cook and team plenty of options should Steve Jobs need to retire."

Barclays maintains an "Overweight" rating on Apple (AAPL), which closed Tuesday at $341.40, gaining $3.95, or 1.17 percent. Barclays has a price target of $450 on Apple shares.