JPMorgan raises its EPS estimates for Apple, says stock could rise another 13%

Published Tue, Jun 18 202411:49 AM EDT

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. ET. Here's a recap of Tuesday's key moments. U.S stocks edged higher Tuesday while Treasury yields ticked down following softer-than-expected retail sales data for May. There was a bright spot in spending for electronics and appliances stores, which bodes well for Club holding Best Buy . Microsoft's new artificial-intelligence-powered PCs went on sale Tuesday, so we're curious to see how the launch will impact next month's retail figures. We trimmed our Broadcom position Tuesday, taking profits after a monstrous rally kicked off by the chipmaker's stellar quarterly earnings report last week. The stock jumped 30% over the past seven days. "We don't want to be too greedy after a parabolic move," said Jeff Marks, the CNBC Investing Club's director of portfolio analysis. Some of those proceeds went to purchasing more Dover stock, an industrial conglomerate that is benefiting from more investing in data center infrastructure. JPMorgan boosted Apple's price target to $245 from $225 apiece, implying a 13% upside from the stock's Monday closing price. The firm raised its volume forecasts for the iPhone 16 and iPhone 17 cycles thanks to new AI features that were unveiled at Apple's Worldwide Developers Conference last week. JPMorgan also raised its earnings-per-share estimates for fiscal years 2025 and 2026. We're encouraged by the EPS lift, in particular, because weaker earnings growth has been a big concern for Wall Street. (Jim Cramer's Charitable Trust is long AVGO, BBY, AAPL, MSFT, DOV. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.