In a note to clients — as reported by “Barron’s” (http://macte.ch/G4vLo), Barclays Capital analyst Ben Reitzes today raised his price target on Apple from US$390 to $420, saying the company’s FaceTime video conferencing capability will have network effects that should enhance sales of iOS devices and Macs.

Apple will have 200 million FaceTime-enabled devices by the end of its 2012 fiscal year, ending September of that year, he writes. That’s an increase from the 150 million FaceTime devices Reitzes anticipated back when he first introduced this thesis, in October.

The analyst sees Apple selling 50 million FaceTime compatible iPhone units in this fiscal year; 15 million iPods with the capability; million FaceTime Macs; and 10 million FaceTime iPads. Apple’s advantage over other vendors’ wares is that the FaceTime video conferencing experience should be consistent across devices, he told clients.

FaceTime is an pplication that allows Mac users to video call iPhone 4 and iPod touch users as well as other Macs. Currently in beta testing for the Mac, it automatically uses your Address Book contacts so there’s no need to create special buddy lists, and it works with the built-in camera and mic on Mac notebooks, iMacs and Apple LED Cinema Displays. 

“FaceTime makes video calling to or from mobile devices easy for the first time,” says Apple CEO Steve Jobs. “We’ve sold more than 19 million FaceTime-ready iPhone 4 and iPod touch devices in the past four months, and now those users can make FaceTime calls with tens of millions of Mac users.”