The initiation of coverage by Barclays with an Overweight rating typically indicates a positive outlook on the stock, suggesting that the analyst believes it will perform better than the market or its sector. The announcement of a price target of $60, which is presumably higher than the current trading price, implies an expectation of upward movement in the stock's price. This can have a positive short-term impact on the stock as it may lead to increased investor interest and buying pressure.