We view Apple’s announced CEO transition as well timed, given upcoming new product launches
and accelerating market share gains in key markets. Importantly, we remain highly confident in
our near-term EPS estimates and rank Apple as best positioned to see upward earnings revisions
within our coverage universe. Steve Jobs is irreplaceable, but new CEO, Tim Cook, has a proven
track record of execution. Cook managed the company through the 2009 recession, competitive
threats in Smartphones, and several product transitions in Jobs’ 2009 and 2011 leaves of
absence. Given his track record, we see little execution risk over the next 12-24 months.
and accelerating market share gains in key markets. Importantly, we remain highly confident in
our near-term EPS estimates and rank Apple as best positioned to see upward earnings revisions
within our coverage universe. Steve Jobs is irreplaceable, but new CEO, Tim Cook, has a proven
track record of execution. Cook managed the company through the 2009 recession, competitive
threats in Smartphones, and several product transitions in Jobs’ 2009 and 2011 leaves of
absence. Given his track record, we see little execution risk over the next 12-24 months.
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