A man walks out of an Apple store in Beijing, China December 14, 2018. REUTERS/Jason Lee
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Apple Inc. is facing "meaningful risk" from an antitrust complaint filed by Spotify Technology SA that has "significant merit," according to KeyBanc Capital Markets.Apple shares have pared an earlier gain of as much as 1.3 percent after touching their highest since December. Spotify was little changed, while the Nasdaq 100 index gained 1 percent.KeyBanc estimates Apple will derive $13.4 billion in revenue from its App Store in 2019, accounting for 12 percent of its gross profit, as well as 30 percent of the company's total Services revenue -- seen as an increasingly important part of its business.
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