Shares of Apple Inc. AAPL, -0.69% rose 0.4% in premarket trading Friday, after analyst Samik Chatterjee at J.P. Morgan raised his price target, citing optimism over the technology giant’s opportunities in advertising. Chatterjee kept his rating on the stock at overweight, but bumped up his target to $290, which is 10% above Thursday’s closing price of $262.64. With the stock surging to record highs, Chatterjee said investors are increasingly looking for new growth avenues in Apple’s services business. “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 a note to clients. Apple’s stock has soared 66.5% year to date through Thursday, while the Dow Jones Industrial Average DJIA, -0.01% has gained 19.1%.