Ongoing legal battle with Apple (NASDAQ:AAPL) and Epic Games went in an interesting direction. Metaplatform (Nasdaq:Meta) and Microsoft (NASDAQ:MSFT), Elon Musk’s social media platform X, and audio streaming subscription service Spotify (New York Stock Exchange: Spot), online dating service provider Match Group (NASDAQ:MTCH) has joined Epic Games over AAPL’s app store policies.
The companies allege that Apple violated a court order issued in September 2021 requiring them to allow third-party payment systems for in-app purchases through the app store. The companies argue that Apple’s proposed app store rule changes, including new 12% or 27% fees for developers, remain anticompetitive.
Interestingly, Epic Games last week asked a federal judge to hold Apple in contempt of court for the same reason.
Other legal challenges
The US Department of Justice is expected to file an antitrust lawsuit against Apple soon. bloomberg report. Apple is accused of violating antitrust laws by restricting competitors’ access to the iPhone’s hardware and software features.
Additionally, European regulators continue to closely monitor Apple’s activities. An investigation was recently launched to examine the company’s compliance with the newly enacted Digital Markets Act.
Is Apple a good stock to buy now?
Weak iPhone sales in China and ongoing legal battles are putting downward pressure on Apple stock.
At TipRanks, Apple receives a Moderate Buy consensus rating based on 16 Buy recommendations, 9 Hold recommendations, and 1 Sell recommendation. Analysts’ average price target for AAPL stock is $204.86, implying a potential upside of 14.66% from current levels. The company’s stock price has fallen more than 7% since the beginning of the year.
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