Steve Jobs was seen by many as the heart and soul of Apple, but Canaccord Genuity analyst Michael Walkley feels the company is still in a strong position even after his passing. Mr. Jobs passed away on Wednesday, October 5, and was a company co-founder and former CEO.
“While Mr. Jobs’s passion, creativity, and keen eye for consumer preference will be missed, we believe Jobs and Apple’s executive team have built an unparalleled talent base and corporate culture that sets the table for future success and innovation,” Mr. Walkley said.
He added, “While he is a remarkable visionary, we believe Apple has a strong team to continue its strong product roadmap.”
Tim Cook recently replaced Mr. Jobs as Apple CEO. The former company leader had been on medical leave for several months, and Mr. Cook had been running Apple in his absence.
Despite the loss of the visionary leader, Mr. Walkley thinks Apple is still in a strong position to grow, especially with its current and soon to be released product lineup. “We view Apple’s latest product launches of iPhone 4S, iCloud, and iOS 5 as examples of the innovative products we expect Apple to continue to bring to market despite the leadership change,” he said.
Mr. Walkley is maintaining his “Buy” rating and US$545 target price for Apple’s stock. Apple is currently trading at $375.48, down 2.77 (-0.73%).