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 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, 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.