Morgan Stanley says that in the short-term, Apple (AAPL) fundamentals remain strong, such that major change isn’t immediately required and the firm looks at the company’s CEO transition from Tim Cook to John Ternus as “a true transition, not a major change.”, However, the firm also believes a CEO transition “can bring about renewed optimism in the Apple story, and a potential change in the over-arching Apple narrative” as the potential for long-term change increases. The firm has an Overweight rating and $315 price target on Apple shares.
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