Apple: Ignore iPhone, iPod Order Cut Fears, Barclays Says

Pressure on Apple (AAPL) shares Tuesday reflected “concerns around iPhone and iPod orders cuts in the supply chain,” Barclays analyst Ben Reitzes said in a note this morning. He thinks the Street over-reacted. “While some cuts may have occurred due to shipment timing and a later launch in China , we believe the reaction is overblown,” he writes. Reitzes contends that new products and an improving U.S. economy will help accelerate EPS in FY 2010. Reitzes continues to see a new family of iPhones coming in June with an ultra-portable laptop later this year. Reitzes maintains his Overweight rating and $155 price target on the stock. AAPL, which fell $5.05 yesterday, today is down another $2.30, or 1.9%, to $122.12. (link)