JPMorgan analyst Samik Chatterjee raised his price target for Apple to $300 from $296 ahead of Tuesday’s fiscal Q1 earnings report. The stock closed Friday at $318.31. While the analyst expects a “strong quarter” in relation to revenues hitting the high-end of guidance and earnings exceeding consensus, with Apple shares trading at 19.7 times price-to-earnings on his 2021 estimates, he sees a “high bar to clear relative to investor expectations heading into the print.” The re-rating of Apple shares has been justified given the transformation towards Services, says Chatterjee, who expects further re-rating with increasing mix of profits from Services. However, his conversations with investors indicate that the current valuation prices in “material earnings upside.” Chatterjee continues to recommend shares of Apple for long-term shareholders. He would just “be wary of the high bar of investor expectations” into the Q1 results.