In case you missed it, Barclays Capital’s Ben Reitzes late yesterday published a note making the case that “iCloud,” Apple‘s (AAPL) hosted data service for its computers and iOS-based devices, is the biggest thing for the company since the introduction of iTunes.
Reitzes mentions 2003, though I’d note that iTunes was unveiled at Apple’s Macworld presentation in January of 2001. I think he’s in this case referring not to the software program for ripped music, but rather the online shop that followed it.
Reitzes, who has an Overweight rating on Apple shares and a $555 price target, writes that “A truly reliable cloud service that frees customers from wires should foster more customer loyalty and convenience, in our view,” and that CEO Tim Cook “gets it” when he says iCloud is “profound.”
“It basically makes the cloud the digital hub — not the Mac or the PC,” continues Reitzes. “Furthermore, iCloud lays the groundwork,in our opinion, for a foray not only into TVs, but devices we haven’t thought of yet.”
Apple shares today are up $6.48, or 1.6%, at $406.21.
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