The ongoing legal battle between Apple (NASDAQ:AAPL) and Epic Games has taken an interesting turn. Tech titans such as Meta Platforms (NASDAQ:META) and Microsoft (NASDAQ:MSFT), Elon Musk’s social media platform X, audio streaming subscription service Spotify (NYSE:SPOT), and online dating services provider Match Group (NASDAQ:MTCH) have joined Epic Games over AAPL’s app store policies.
These companies claim Apple has violated a court order issued in September 2021, which required it to allow third-party payment systems for in-app purchases through its app store. The companies allege that Apple’s proposed changes to its app store rules, including a new 12% or 27% fee on developers, remain anti-competitive.
Interestingly, Epic Games requested a federal judge to hold Apple in contempt of court last week for the same reason.
Other Legal Challenges
The U.S. Department of Justice is expected to file an antitrust lawsuit against Apple soon, Bloomberg reported. Apple is accused of breaching antitrust regulations by limiting competitors’ access to its iPhone’s hardware and software functionalities.
Furthermore, European regulators continue to monitor Apple’s activities closely. Recently, an inquiry was commenced to examine the company’s adherence to the newly implemented Digital Markets Act.
Is Apple a Good Stock to Buy Right Now?
The softness in iPhone sales in China and ongoing legal battles exert downward pressure on Apple’s stock.
On TipRanks, Apple has a Moderate Buy consensus rating based on 16 Buys, nine Holds, and one Sell recommendation. Analysts’ average price target on AAPL stock of $204.86 implies 14.66% upside potential from current levels. Shares of the company have declined over 7% year-to-date.
