The war of words between tech giant Apple (NASDAQ:AAPL) and audio streamer Spotify (NYSE:SPOT) heated up on Thursday as Apple criticized Spotify’s complaint with the European Union (EU) over its App Store fees. Apple could face a fine of up to €500 million ($539 million) from the European Union for allegedly stifling music-streaming rivals like Spotify on its platform.
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If the EU does fine AAPL, it would be its first-ever penalty in the EU and stems from a complaint that Spotify made with the EU in 2019.
AAPL stated that the music streaming app didn’t pay the company for services that had helped its app development and claimed that Spotify sought free access to its tools. The firm argued that Spotify, which has a market share of more than 50% in Europe, could link directly to its site but opted not to do it. The Cupertino-based tech giant also claimed that Spotify and other services had other marketing channels, including email marketing and social media.
Apple added that the EU found no proof of consumer harm or anticompetitive actions.
What Is the Price Target for AAPL?
Analysts remain cautiously optimistic about AAPL stock with a Moderate Buy consensus rating based on 16 Buys, eight Holds, and one Sell. Over the past year, AAPL stock has surged by more than 20%, and the average AAPL price target of $206.15 implies an upside potential of 11.8% at current levels.
