The firm said: "A move is needed given a few big changes since March vs. our expectations. We believe Tim Cook has solidified his strategy and re-gained the confidence of Apple stakeholders in many ways - reversing many of the warning signs we saw earlier in the year.
"Second, Samsung's weakness creates a large unforeseen buffer.
"Third, our checks around new products (builds, demand & quality) into 2015 are so strong, we are compelled to get on board even if its midway through the rebound trade. Even the March and June upside we have seen change the outcomes for iPhone's."
Barclays said its new 2014 EPS is $6.36 based on 7% revenue growth to $183.4 billion.
"Our 2015 EPS estimate is $7.10 based on 13% revenue growth to $207.2 billion. Our 2016 EPS estimate is $7.63 based on 4% revenue growth to $215.89 billion," BCS said in its note.
Separately, TheStreet Ratings team rates APPLE INC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate APPLE INC (AAPL) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, expanding profit margins and good cash flow from operations. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."