Apple CEO transition comes from position of strength, says BofA

After Apple (AAPL) announced that Tim Cook will become Executive Chairman of Apple’s board, while John Ternus, currently SVP of Hardware Engineering, will become CEO, BofA analyst Wamsi Mohan said the timing of the leadership transition suggests that near-term results are “extremely resilient” given that Apple will likely plan such changes from a position of strong business momentum. In addition, a product-oriented leader with years of experience in Apple’s hardware design “suggests we might be entering a new era of devices” and 2027 “could be a big product year,” adds the analyst, who maintains a Buy rating and $325 price target on Apple shares.