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?