Citi analyst Atif Malik keeps a Buy rating on Apple (AAPL) with a $315 price target after the company announced a CEO transition with Tim Cook becoming executive chairman on September 1 after a 15-year tenure as CEO. Incoming CEO John Ternus has spent more than 25 years at Apple, the analyst tells investors in a research note. Citi says that while the timing seems “somewhat earlier than many had expected, Ternus was front runner for the job.” It continues to see Apple as an attractive, defensive stock into earnings.
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