Apple After Steve Jobs: What Side Are You On?

Aug.25.11 | About: Apple Inc. (AAPL)

Apple's Steve Jobs announced he would be resigning as CEO of the company yesterday evening but would like to stay on as chairman of the board. Apple (NASDAQ:AAPL) traded down over 5.5% on that news in post-trading yesterday but has recovered and is now only down 2.4% from yesterday's close. This morning, about every sell side analyst weighed in.

  • "Apple should be bought on weakness buy long term investors." Reiterates "buy" rating. - Sterne Agee
  • "We reiterate, without hesitation, our "overweight" rating on shares of AAPL." Shares are "overweight" rated with a $600 price target. - Piper Jaffray
  • "Investors should buy on dips in share price." Price target lowered 4% to $445 from $465 but maintains "outperform" rating. - BMO Capital
  • "Job's resignation unlikely to disrupt Apple's business. Share weakness could create attractive entry point." Keeps "overweight" rating and a price target of $525. - JPMorgan
  • "Apple weakness is a buying opportunity." Shares are "outperform" rated with a $510 price target. - Sanford Bernstein
  • New Apple CEO "more than capable." Maintains its 2011 estimates and reiterates an "outperform" rating on the stock - Wells Fargo
  • "Apple still likely to post strong top-line and bottom-line growth." Maintains $485 price target and "outperform" rating. - R.W. Baird
  • "Resignation does not change Apple's long-term fundamentals." Sees no direct risk to earnings and reiterates its "Conviction Buy" rating. - Goldman Sachs
  • "Use any Apple weakness as a buying opportunity given strong fundamentals." Shares are "buy" rated with a $510 price target - UBS
  • "Apple weakness creates a buying opportunity. Resignation will have little impact on the company's business." Maintains "outperform" rating on the shares. - William Blair
  • "Apple Jobs resignation not entirely unexpected. May face long-term earnings risk." Maintains a $500 price target and a "buy" rating on the stock. - Deutsche Bank

Overall, the sentiment tends be bullish. Would you be a buyer AAPL here?