Wall Street is standing by Apple in the wake of the Department of Justice's antitrust suit against the technology behemoth.
Wall Street analysts are standing by Apple in the wake of the Department of Justice's antitrust suit against the technology behemoth. The lawsuit, filed Thursday, alleges the company established a monopoly over the smartphone market through its ecosystem. This, according to the suit, harmed consumers, developers, and competitors in the process.
mountain Apple shares in 2024 But Wall Street analysts are still bullish on the iPhone maker despite the potential aftershocks, with major shops such as Morgan Stanley and JPMorgan retaining their buy-equivalent ratings and highlighting upcoming potential catalysts for the company. Despite the company's 11% year-to-date drop, about 60% of analysts hold a buy or overweight rating on the stock, with the average price target implying about 16% upside, according to FactSet.
mountain Apple shares over the last year Sacconaghi does "not see likely remediation as materially impacting Apple financially or undermining the iPhone franchise: worst case, Apple pays a fine, and loosens restrictions for competition across the iOS platform, which we believe will have limited impact on iPhone user retention or on Services revenues.
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