Apple (AAPL): EU Tax Issue Is A Headline Grabber - Drexel Hamilton

August 30, 2016 8:08 AM EDT
Get Alerts AAPL Hot Sheet
Price: $120.00 +0.18%

Rating Summary:
    60 Buy, 10 Hold, 5 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
Trade AAPL Now!
Join SI Premium – FREE

Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.

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.

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $106.82 yesterday.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In






Related Categories

Analyst Comments

Related Entities

Drexel Hamilton, Brian White

Add Your Comment