J.P. Morgan has initiated coverage of Apple with a “neutral” rating. “In a research note published this afternoon, the analysts mention that the company is poised for robust margin expansions in the forthcoming quarters on account of its new digital music product offerings,” reports NewRatings. “JP Morgan expects Apple Computer’s new professional application products and the improving IT spending scenario to further boost the company’s earnings growth in the forthcoming years. However, the current valuation of the company’s stock already reflects its near-term earnings growth potential, the analysts believe.”