Apple Inc. (NASDAQ:AAPL) shares are “back on the right track,” according to analysts at Barclays PLC (NYSE:BCS) (LON:BARC). As of this writing, the stock was up 2.22 percent and closing in on $460 per share, and Barclays analysts point out that the stock has risen 17 percent since Apple’s intraday low on April 19. The S&P 500 has only risen 4 percent in the same time frame.

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Barclays PLC (NYSE:BCS) (LON:BARC) analysts believe Apple Inc. (NASDAQ:AAPL) could quickly top $500 per share, although in their view, investors are still apathetic for the company and perhaps don’t believe that the company’s next product cycle will make much of a difference in the company’s stock price.

Apple: Positive In The Near Term

Barclays analysts pointed out several positives that they see for Apple in the near term. They said they “feel better” about the company’s gross margins and believe that their June and September quarter estimates are conservatives because of Apple Inc. (NASDAQ:AAPL)’s  pricing plans and the company’s recent trend in warranty accruals.

They also believe Apple Inc. (NASDAQ:AAPL) is going to “change the narrative and get investors, analysts customers and the media finally talking about new products again.” They’re predicting that the talk will start with the June 10 event and will focus on software, services and Mac updates. Then they’re looking for a September event feature a new iPhone and / or iPad.

An Increase In Apple’s Price Target

Analysts at Barclays are leaving their overweight rating on shares of Apple Inc. (NASDAQ:AAPL), although they have increased the price target by 13 percent from $465 to $525 per share.  In their view, Apple Inc. (NASDAQ:AAPL) will be able to sustain its margins at levels that are higher than their previous estimates. They also believe that sales of the iPhone will benefit greatly from new distribution.

For Apple Inc. (NASDAQ:AAPL)’s next fiscal quarter, they’re estimating earnings per share of $7.15, an increase from $7 per share. In the following quarter, they’re expecting earnings of $8.22 per share, compared to their previous estimate of $8.20 per share.