Tech stock Apple (NASDAQ:AAPL) advanced in Monday afternoon’s trading as it took on some issues that were likely to prompt further problems if not addressed quickly. From overheating phones to regulators demanding money, Apple stepped up to the plate, and investors threw their support behind the stock. First, Apple took aim at ACM, the Netherlands’ market competition agency. The ACM leveled fines against Apple as the firm reportedly failed to curb its own successes and limit its dominance via the App Store.
While the ACM acknowledged that Apple fulfilled most of the demands placed upon it—particularly in regard to allowing alternate forms of payment on apps—it did not measure up to a third point that the ACM wouldn’t actually talk about. Apple objected to the fines, noting that the ACM overestimated Apple’s dominance and incorrectly defined some other markets. The ACM, not surprisingly, declared this stance incorrect and demanded checks written forthwith. Apple plans to appeal, which is just as unsurprising as the ACM deciding that it didn’t screw up after all.
Meanwhile, the overheating iPhone issue was addressed as well, as Apple plans to put out an update to iOS 17. That update will likely address a bug that’s causing the devices to overheat to temperatures as high as 112 degrees. Apple eliminated the idea of a hardware issue, so now, a software-related fix may be all that’s needed to take care of the issue. Apple also noted that the overheating was not a safety risk, nor was it likely to impact long-term performance. That’s likely questioned by many iPhone users—especially anyone who’s held a 112-degree phone—but with a fix on the way, it may be a moot point soon enough.
Is Apple Stock a Good Buy Right Now?
Regardless of regulator or temperature, Apple enjoys no shortage of analyst support. Apple stock currently rates as a Moderate Buy, supported by 21 Buy ratings and eight Hold. With an average price target of $207.69, Apple stock offers investors a 19.81% upside potential.