Last night Steve Jobs announced that he was stepping down as CEO of Apple (AAPL) in an open letter to the Apple board of directors and employee base. In the letter, he recommended Tim Cook, previously COO, as his replacement. In response, Apple’s board named Jobs chairman and Tim Cook the new CEO.
Concerning the change, Canaccord Genuity Analyst T. Michael Walkley says, ““We continue to anticipate strong earnings growth for Apple over the next several years with very strong demand and relatively low global market penetration for iPhone, iPad and Mac products. We reiterate our BUY rating and $515 price target; Apple remains a top pick.”
Regarding the new CEO, Tim Cook, Walkley added, “Mr. Cook is a universally regarded as a strong leader and supply chain expert, and we believe he is well suited to lead Apple to significant growth over the next few years due to Apple’s leading iOS developer and application ecosystems and differentiated products.”
In other Apple news, A Dutch court has restricted some Dutch subsidiaries of Samsung from selling three of its smartphones in Europe, saying the phones violate a patent that belongs to Apple. The ruling will prohibit sales of the Galaxy S, SII and Ace due to violations of patents on the phone’s scrolling and the browsing gallery. Apple claimed Samsung had violated other patents; however those claims were denied and the ruling will not extend to the Galaxy tablet.