Oppenheimer Flips Back to a Bullish Stance On Apple (AAPL) Following Jobs Health Disclosure
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Analysts at Oppenheimer upgraded Apple (Nasdaq: AAPL) today following details from Steve Jobs about the condition of his health ahead of Macworld. If you remember, Oppenheimer downgraded Apple on December 17th following Jobs' cancellation of his keynote at Macworld, saying the unexpected announcement underscored the greatest risk to Apple's long-term success - its dependence on Jobs' health and its apparent lack of a succession plan.
In its upgrade of Apple today back to Outperform from Market Perform, the firm said while yesterday's disclosures about Jobs' health raises more questions than they answer they allay the central concern they raised two weeks ago - the risk of a hasty, unplanned leadership change. They said they are satisfied that a sudden change of leadership is not imminent.
Shares of Apple closed down 6.6% to $89.16 from $95.43 on the day of the firm's downgrade and Macworld announcement back on December 17th. Apple shares closed up 4.2% yesterday to $94.58 following the disclosure on Jobs' health. So they are basically back to the same place they were before the MacWorld news was disclosed.
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