Apple (AAPL): EU Tax Issue Is A Headline Grabber - Drexel Hamilton
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Drexel Hamilton analyst, Brian White, reiterated his Buy rating on shares of Apple (NASDAQ: AAPL) after Bloomberg reported that Apple has been ordered by the European Commission to pay EUR13 billion (U.S.$14.5 billion) plus interest in taxes to Ireland for "selective tax treatment" between 2003-2014. The article indicates that Ireland plans to appeal the decision before EU courts and the article indicates this could case could take years to finalize.
The analyst stated " Although the EU decision is a headline grabber and would represent a large tax penalty for most companies, Apple exited 3Q:FY16 with $231.5 billion in cash (93% overseas) and $84.9 billion in debt. In FY:15, Apple generated $81.3 billion in operating cash flow and $70 billion in free cash flow."
No change to the price target of $185.
Shares of Apple closed at $106.82 yesterday.
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