Apple litigations near-term headwind for shares, says Citi

Citi analyst Atif Malik keeps a Buy rating on Apple with a $220 price target after the Department of Justice and 16 state and district attorneys general announced an antitrust lawsuit against the company for illegally monopolizing the smartphone market. The complaint points out a list of actions that Apple takes across many technologies, products and services to disrupt competition, such as super apps, cloud streaming apps, text messaging, smartwatches, and digital wallets, the analyst tells investors in a research note. Apple said it will defend against the case, but its list of ongoing litigations will likely remain a near-term headwind for the shares, says Citi.