The tech giant Apple Inc. (NASDAQ: AAPL) might again bear the brunt of another fine related to the payment mode for dating apps in the Netherlands, Reuters reported.
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Dutch antitrust watchdog, Authority for Consumers and Markets (ACM), accused the tech company of not fully abiding by a Dutch ruling. The order decreed that Apple allow outside payments within its App Store’s apps.
Following the penalty of €5 million weekly for non-compliance, levied by ACM, the iPhone maker has already paid €45 million ($49 million) to date in fines since January.
According to ACM rules, if the penalty amount crosses €50 million, the company might have to face higher charges. Consequently, Apple has submitted a revised proposal, which again seems not be fully complied with the Dutch ruling, according to the source.
Apple, which instructed dating app developers to exclusively use its in-app payment system and charged commissions of 15%-30% on purchases, has not released any comments.
Wall Street’s Take
Having a bullish stance on Apple, recently, J.P. Morgan analyst Samik Chatterjee maintained a Buy rating on Apple and a price target of $210 (20.19% upside potential).
Shares of Apple have rallied 44.79% over the past year, while the stock still scores a Strong Buy consensus rating, based on 23 Buys and five Holds. The average Apple price target of $193.36 implies 10.67% upside potential from current levels.
Investor Wisdom
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on Apple, with 1.2% of investors maintaining portfolios on TipRanks increasing their exposure to AAPL stock over the past 30 days.
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