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

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

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