Shares of Alphabet (GOOGL) - Get Alphabet Inc. Class A Report, Amazon (AMZN) - Get Amazon.com, Inc. Report, Apple (AAPL) - Get Apple Inc. (AAPL) Report and Facebook (FB) - Get Facebook, Inc. Class A Report were little changed on Friday after reports said President Joe Biden would push for changes in the technology industry.
Specifically, he is set to sign an executive order Friday directing regulatory agencies to more closely investigate industry mergers and tech companies’ use of consumer data.
The idea is to address complaints that the top tech companies are deploying data to gain monopolistic control of the industry.
Biden’s order also asks the Federal Communications Commission to reinstate net-neutrality regulations, which prohibit Internet providers from charging fees to speed transmission of content.
Last month, two key Apple analysts issued reports with different takes on the company. One offered a buy affirmation, and the other saw Apple’s risk-reward proposition as balanced.
Bernstein analyst Toni Sacconaghi has a market-perform rating and a target price of $132.
“On net, we feel better about Apple's valuation compared with the beginning of the year and are more constructive on the stock,” she wrote.
“That said, we still believe [the] risk-reward is largely balanced, given potential downward revisions and potential for a weak iPhone 13 cycle.
"We see a market multiple or below ($110 per share) as a compelling entry point.”
As for Wedbush’s Daniel Ives, he has an outperform rating and a $185 price target.
“Apple remains a top tech name to own,” he said.