Market Overview

Piper's Gene Munster On Apple's European Tax Investigation...

Piper's Gene Munster On Apple's European Tax Investigation...
Related AAPL
Leave The Driving To Tesla: Musk Introduces New Tech, Plugs Self-Driving Safety
It Turns Out Macs Are Actually Cheaper Than PCs For Businesses
Using Apple's Crystal Ball For Q4 (Seeking Alpha)

Multiple news sources quoted European Competition Commissioner Margrethe Vestager as saying that the tax investigation into Apple Inc. (NASDAQ: AAPL) would take longer. Piper Jaffray’s Gene Munster maintained an Overweight rating for the company.

Reports suggest that more time is being taken by the European Competition Commissioner since the amount of data to process is large. Vestager has not suggested a timeline for the resolution for the case. In January, Bloomberg had reported that Apple could face back taxes of about $8 billion.

Related Link: Cramer: What I Think Of Apple's Ecosystem

Analyst Gene Munster noted that this is estimated to translate to about 13 percent of the company’s operating income in 2016. He added, “Overall, it remains unclear when, or even if, Apple will be subject to a penalty from the EU and we believe that investors are not concerned about the penalty.”

Shares of Apple traded at $109.90, down 1.1 percent shortly after Tuesday's opening bell.

Latest Ratings for AAPL

Oct 2016Credit SuisseMaintainsOutperform
Oct 2016UBSMaintainsBuy
Oct 2016Goldman SachsMaintainsBuy

View More Analyst Ratings for AAPL
View the Latest Analyst Ratings

Posted-In: Gene Munster Piper JaffrayAnalyst Color Long Ideas Reiteration Analyst Ratings Tech Trading Ideas Best of Benzinga


Related Articles (AAPL)

View Comments and Join the Discussion!