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How Far Can Apple Stock Go? Far, Says J.P. Morgan

Yes, Apple is looking at some excellent sales and revenue numbers for iPhone, MacBook and other products, as well as for its subscription services and apps, sure, but the real potential money maker for Apple? Advertising - on Apple TV+. In an update to clients, J.P. Morgan analyst Samik Chatterjee lifted his 12-month price target to $296 from $290 and left his buy rating on the stock in place on continued optimism over the company's potential to bring in money from advertising on its recently launched Apple TV+. That followed Chatterjee's upgrade to $290 from $280 just two weeks ago, which he implemented due to what his team sees as strong advertising revenue potential related to the company's mobile offerings. "While investors are trying to identify the next big frontier for services, we believe hidden in plain sight and underappreciated by most is the advertising opportunity within Apple's fingertips, given the secular migration of advertising dollars to mobile platforms, the large installed base of close to (1 billion) iPhone users, and importantly, Apple's successful exploration of advertising to date," Chatterjee wrote in his Nov. 15 research note. Indeed, Chatterjee sees not just potential subscription revenue growth but also advertising revenue growth helping boost the tech giant's bottom line. A number of other research firms have also recently weighed in on Apple, including Goldman Sachs, which in early November set a one-year price target of $192 and gave the stock a "neutral" rating. Apple is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells these AAPL? Learn more now.

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