Apple (AAPL) May Soon Bring Ads to Its Maps App

Tech giant Apple AAPL +1.39% ▲ is reportedly getting ready to add ads to its Apple Maps app, according to Bloomberg, and the announcement could come as soon as this month. The system would likely work similarly to Google GOOGL +0.25% ▲ Maps, where businesses, such as restaurants, can pay to rank higher in search results. Notably, this fits into Apple’s bigger plan to grow its advertising business.

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Indeed, the company added more ad spots in the App Store search results late last year and said it would further expand its ad offerings this year. As a result, bringing ads to Apple Maps would be a logical next step, especially since this idea has been talked about for years. Meanwhile, Apple also got some good news from regulators, as the European Commission decided not to subject Apple Maps to the strict Digital Markets Act rules because of its smaller impact in Europe.

Separately, Apple is preparing for its annual Worldwide Developers Conference (WWDC), which will run from June 8 to June 12. The event will start with a keynote on June 8 at 1 p.m. EST, where Apple is expected to announce updates to its software and other products as it continues to find new ways to monetize its ecosystem.

Is Apple a Buy or Sell Right Now?

Turning to Wall Street, analysts have a Moderate Buy consensus rating on AAPL stock based on 14 Buys, nine Holds, and one Sell assigned in the past three months, as indicated by the graphic below. Furthermore, the average AAPL price target of $304.66 per share implies 21.4% upside potential.

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