This video is part of The Motley Fool's "11 O'Clock Stock" series, in which we're buying a new stock every weekday at 11 a.m. ET on Fool.com. You can also check out a video of co-founder Tom Gardner explaining the series, and see our original recommendation of Apple (Nasdaq: AAPL).

In today's video, Fool.com analyst Eric Bleeker explains why he thinks Apple, the second-largest U.S. company by market cap, still has a lot of growth left in it. As he wrote in his original buy report, Apple has the following four factors in its favor:

1. iOS Scales. Even though iOS started on smartphones, it's now a dominant platform on tablets, and it could make further inroads into the home. 

2. Software is the new kingmaker. Building up a strong software platform with superior developer support is a much better competitive position than what mobile companies of the past had. 

3. Consumer behavior. Smartphones play on humans' irrationality by offering up a tantalizingly low subsidized price, while the real costs (an extra $30 a month for data, and so on) are backloaded over time. This situation allows for a much larger total addressable market than other non-subsidized consumer products of a similar price range can enjoy -- and Apple collects around $600 for every iPhone sold. What's more, 89% of iPhone users want their next phone to be another iPhone; for Research In Motion (Nasdaq: RIMM) users, that number is 42%.

4. Underrated smartphone growth. The subsidized nature of smartphones and their rapid upgrade cycle make them a truly underappreciated trend.

As Eric points out, the iPhone is truly a global phone in an area that's likely to have huge growth in coming years. Meanwhile, the iPad is ramping up to 2 million units per month, another indication of how well Apple's products scale.

Even though Apple has had quite a run in the past few years, it's trading for only 15 times next year's earnings, and it comes with a massive cash hoard to boot.

For Eric's thoughts on Apple, watch the video below.

Interested in reading more about Apple? Add it to My Watchlist, which will find all of our Foolish analysis on this stock.

Eric Bleeker owns no shares of any companies mentioned. Apple is a Motley Fool Stock Advisor selection. True to its name, The Motley Fool is made up of a motley assortment of writers and analysts, each with a unique perspective; sometimes we agree, sometimes we disagree, but we all believe in the power of learning from each other through our Foolish community. The Motley Fool has a disclosure policy.