JP Morgan is Sweatin’ to Apple Fitness+
15 JUNE 2022 - JP Morgan analyst Samik Chatterjee has trained his eye on another of Apple’s services. Earlier this week, Chatterjee sang praises of possibility for Apple Music and Apple Arcade. Now, a piece from Apple Insider has him working up a sweat over Apple Fitness+.
While at-home fitness got a lift from COVID-19 lockdowns, Chat-Man thinks the industry is poised to keep going. According to the piece:
JP Morgan expects more than half of consumers to stick with virtual fitness, which could allow the industry to grow to $70 billion by 2026 when combined with other tailwinds.
And Apple is well positioned to benefit, in his estimation. The report says that’s thanks to the service’s “deep integration into Apple's ecosystem, a competitive price point, and the ability to add the subscription into a broader services bundle through Apple One.” The way he sees it, Apple Fitness+ could grow from revenue of $300 million in 2021 to $3.6 billion by 2025.
Chatterjee has a positive rating on Apple shares. His price target on the shares is $200.