India Schedules May 21 Antitrust Hearing as Morgan Stanley Eyes $315 Target
India’s Competition Commission scheduled a May 21 hearing after Apple failed to provide financial records to calculate potential fines over mandated use of its in-app payment system, risking penalties based on revenue. Morgan Stanley set a $315 price target, forecasting 1-2% March quarter upside and highlighting strong free cash flow.
1. India Antitrust Proceedings
India’s Competition Commission has scheduled a May 21 hearing after Apple did not submit required financial records for calculating fines in a complaint over its mandated in-app payment system. Regulators may impose penalties based on unresolved revenue data, limiting Apple’s ability to negotiate reduced sanctions.
2. Morgan Stanley Forecast and Catalysts
Morgan Stanley assigns an overweight rating to Apple with a $315 price target, forecasting 1-2% upside for the March quarter and in-line EPS of $1.74 for June. The firm highlights strong free cash flow, potential share gains, WWDC expectations and a fall foldable iPhone as key drivers.