Analyst: Apple’s Transition to Cook will be Smooth

“We expect there to be no transition issues as Cook had been running daily operations as interim-CEO,” Mr. Um said. “From a longer-term perspective, we believe Apple’s strategy is well laid out and believe Cook and the managemet team will continue to execute.”

While Mr. Jobs is giving up his role as CEO, he isn’t leaving the company. He is staying on as chairman of the board, and is expected to have at least some level of input in the company’s activities.

“I have always said if there ever came a day when I could no longer meet my duties and expectations as Apple’s CEO, I would be the first to let you know. Unfortunately, that day has come, Mr. Jobs said in his resignation letter.

The announcement sent Apple’s stock down, but Mr. Um expects the company will still be fine financially. “From a sentiment perspective, we believe investors have been anticipating this announcement and believe it is reflected in the multiple,” he said.

Mr. Um is maintaining his “Buy” rating and US$510 target price for Apple’s stock. Apple is currently trading in the pre-market at $366.50, doen 9.68 (-2.57%).

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