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Apple Inc. (NASDAQ:AAPL) is once again the center of Wall Street’s attention, and not just for its tech gadgets.
The recent announcement that CFO Luca Maestri will be stepping down on Jan. 1, 2025, and will be succeeded by Kevan Parekh, the current vice president of Financial Planning and Analysis, has put Apple shares on a roller coaster.
While Maestri isn't leaving the building just yet—he'll continue to manage Corporate Services under CEO Tim Cook—investors are eyeing the transition with a mix of hope and caution.
JPMorgan analyst Samik Chatterjee maintains an Overweight rating on Apple, suggesting optimism about the company's future under Parekh. Chatterjee pointed out that, despite the change, investors are hoping for "more of the same" from the incoming CFO, particularly in maintaining "consistency of execution while always leaving some room for execution-led upside for investors to cheer."
He acknowledges that while some may feel "mildly disappointed" at the departure of Maestri, who has been instrumental in positioning Apple as a services-oriented company, the planned succession provides a clear path forward without significant disruptions.
Meanwhile, KeyBanc analyst Brandon Nispel offers a more cautious stance. He labels the news as a “modest negative” for Apple stock in the short term but emphasizes that it’s not a reflection of the company's performance. Nispel also notes that with four months to ensure a smooth handover, Apple has set the stage for minimal turbulence.
However, he does point out that Apple's financial disclosures could benefit from more transparency on key performance indicators like active devices and subscription metrics—changes that are unlikely under the new management.
Piper Sandler analyst Matt Farrell maintains a Neutral rating with a price target of $225, suggesting that while no major strategic pivots are expected, the market will be listening closely for "incremental takeaways" during the upcoming earnings call.
On the technical front, Apple stock is looking like it’s poised for a bull run. The stock is trading well above its five, 20 and 50-day exponential moving averages, with the current price at $228.10.
Chart created using Benzinga Pro
The eight-day SMA at $226.44 and the 20-day SMA at $220.65 further support a bullish sentiment. Even the long-term 200-day SMA stands at $193.45, well below the current share price, reinforcing strong buying pressure and suggesting further upside potential.
With Apple’s next big product reveal—the iPhone 16 with AI capabilities—set for Sept. 9, the tech giant’s stock remains a hot topic.
While the CFO transition might inject a bit of uncertainty, analysts and investors are largely betting on Apple's track record of innovation and robust financial management to keep the momentum going.
As Piper Sandler's Farrell suggests, “We don’t expect there will be any material, strategic pivots,” but all eyes will be on Apple’s next earnings call for any signs of what’s to come.
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Photo: Unsplash
Posted In: AAPL
