Justice Department Sues Apple over App Store, Wipes Out $113 Billion in Market Value; Analyst Sees Little Long-Term Impact

U.S. Department of Justice sued Apple for violating antitrust laws regarding the App Store and Apple's alleged anti-competitive behavior.

The lawsuit wiped out $113 billion of Apple's market value when announced.

Analyst Daniel Ives believes the lawsuit will drag on for years and Apple may have to pay a significant fine and make minor changes.

Ives maintains an Outperform rating on Apple stock with a $250 price target.

The average analyst price target on Apple is $203.87, suggesting an 18% upside over the next year.