Parler, the embattled social networking app popular with conservatives, can re-list on the Apple Store, according to CNN Business. In a letter sent to Congress, Apple indicated that the app is welcomed back after significant improvements to issues initially raised.
Improvements in the detection and moderation of hate speech are some of the changes that swayed Apple (AAPL) to change its mind. A letter seen by CNN.com indicates that the app has proposed updates to its content moderation practices, which the tech giant feels are sufficient.
Parler’s return to the iOS ecosystem is now dependent on its turning on the switch and releasing the upgraded version of its previous app. According to CNN.com’s report, the social networking app was booted off major tech platforms earlier in the year following the insurrection at Capitol Hill.
CNN stated that Apple and Google (GOOGL) app stores and Amazon Web Services (AMZN) severed ties with the app citing its inefficiencies in clamping down on violence and hate speech. Other web vendors also severed ties with the app making it inaccessible on the web.
Parler confirmed in court filings that it was developing an artificial intelligence-based content moderation system before the major platforms cracked the whip on it. Apple defended its decision reiterating that it made an independent decision to de-list it from it’s store.
Apple shares are up about 1.5% year to date after an 80% pop in 2020. (See Apple stock analysis on TipRanks)
Wedbush’s analyst Daniel Ives currently rates Apple stock as a Buy with a $175 price target, implying 10% upside potential to current levels. According to the analyst, the iPhone maker is heading into a robust period of growth led by its Services business.
“The services business we assign a $1.3 trillion dollar valuation range on a SOTP basis given the increasingly importance of this key revenue stream that is getting a new appreciation by investors as Cupertino further monetize its golden jewel installed base,” Ives wrote in a research note.
Based on 20 Buys, 4 Holds and 1 Sell, Apple is currently rated as a Strong Buy on Wall Street. The average analyst price target of $153.65 implies 13.95% upside potential to current levels.
Apple is well-positioned to Outperform the overall market reflected by an 8 out of 10 score on the TipRanks’ Smart Score rating system.
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