The following is an excerpt from Tiernan Ray | July 1, 2016 | Barrons.com |
Shares of Apple (AAPL) are up 40 cents at $96 as the Street continues to ponder a speculative piece by The Wall Street Journal late yesterday stating the company is in talks to buy streaming music service Tidal.
Among those responding this afternoon is Piper Jaffray’s Gene Munster, who has an Overweight rating on the shares, and a $153 price target, writing that it would probably cost Apple about half a billion dollars, he figures, ten times what pop mogul JayZ paid for the thing last year.
That would be a fraction of the $3 billion Apple paid to Dr Dre and Jimmy Iovine two years ago to buy Beats Music, the streaming service and consumer technology company that became the heart of Apple Music.
Munster sees this boosting Apple’s services business, which he implies would be a good thing, though Apple would still trail the substantial lead of Spotify:
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