Apple Stock Gains Over 1%. Evercore Sees Minimal Impact to Apple Services from Epic Court Win
Apple shares gained 1.3% in morning trading.
Evercore ISI analyst Amit Daryanani notes that an Australian federal court recently ruled in favor of Epic Games in its court case against Apple, finding that Apple and Google engaged in anti-competitive conduct related to their respective smartphone app stores.
The firm, which highlights that Apple management noted minimal impact from the Epic U.S. court ruling from earlier this year on its recent June quarter earnings call, thinks the Australian court ruling comes as no surprise following the U.S. ruling on the Epic lawsuit and expects the headwind related to Australian-based in-app purchases to be limited.
Evercore maintains an Outperform rating and $250 price target on Apple shares.
Meanwhile, ARC Independent adjusted price target on Apple to $250 From $230, maintained Buy Rating.
Apple has an average rating of overweight and mean price target of $236.02, according to analysts polled by FactSet.
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