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Technology Stocks : Apple Inc.
AAPL 318.73+1.1%Jan 17 4:00 PM EST

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From: Moonray11/15/2019 1:40:08 PM
   of 207375
 
JPMorgan ups Apple target to $290 on
'underappreciated' advertising opportunity

Analyst Samik Chatterjee raised his price target for Apple
to $290 from $280 and reiterates an Overweight rating on
the shares.

Following the stock's strong run, investor attention is increasingly
focusing on identifying new avenues of Services revenue growth
beyond the current ventures, such as Apple Music, Apple Pay,
Apple Arcade, and its latest, Apple TV+, "which are still very much
in early innings," Chatterjee tells investors in a research note.

However, he believes "hidden in plain sight and underappreciated
by most" is Apple's advertising opportunity.

The analyst highlights the "secular migration" of advertising dollars
to mobile platforms and Apple's large installed base of close to 1B
iPhone users.

Chatterjee estimates that if Apple were willing to accelerate
monetization of advertising through an expansion of its current
efforts with Apple Search Ads as well as adopting new strategies
around Apple TV, it could expand advertising revenues 33% per
annum to $11B in fiscal 2020 from an estimated ~$2B currently.

Piper Jaffray this morning also raised its target on Apple to $290.

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