Apple Fails to Abide by a Dutch Order

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.

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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