Apple is slipping on Tim Cook’s exit. Wall Street says buy anyway

Tim Cook is handing Apple to its hardware chief, John Ternus. Wall Street is fine with it; Main Street, less so.

The stock fell nearly 1% to around $270 after Tuesday’s open on news Ternus would succeed Cook on Sept. 1, with Cook transitioning to executive chairman after 15 years as CEO. 

Wedbush, Evercore, Citi, and BofA all kept buy ratings with price targets between $315 and $350. Some of the wariness tracked with Bloomberg Intelligence analyst Anurag Rana’s read the move signaled “continuity rather than strategic change,” an awkward message at a moment when Apple needs to make a real pivot into AI.

Wedbush Securities’ Dan Ives called the transition a “shocker,” noting investors had expected more clarity on a forward outlook before any handoff. 

“This will put even more pressure on Apple to produce success and its product roadmap at WWDC with AI front and center,” he wrote,........

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