"Our view: Apple remains more on the edge rather than the center of the anti-trust spider web." -- Analyst Dan Ives
From a note to clients by analyst that landed on my desktop Monday:
We believe right now there is roughly a $20 per share overhang on Apple's stock due to antitrust and regulatory concerns on the Street. With the drumbeat getting louder with the Beltway and Brussels around Big Tech with Apple caught up in the cross-fire, there is clearly some worries on the Street weighing on shares. We also believe the Epic Games lawsuit verdict (likely over the next month) has added to the uncertainty, along with anti-tech critic Lina Khan now appointed to head the FTC. Taking a step back, our view around the monopolistic and anti-trust swirls remain a containable headline risk for Apple and Big Tech for now. We also believe the App Store remains a very defendable moat both in the courts and in the Beltway and speaks to our view that Apple remains more on the edge rather than the center of the anti-trust spider web with Facebook/Alphabet more in the 202 area code spotlight.
Maintains Outperform rating and (Street-high) $185 target.
My take: Ives leads his note with a channel check that suggests a "normal" iPhone 13 launch in the third week of September, early enough for first week sales to count toward fiscal 2021 revenues.