Piper Jaffray Discusses Steve Jobs' Resignation

Piper Jaffray is out with a research report on Apple AAPL following the resignation of Steve Jobs. It has an Overweight rating and a $607 price target. In a note to clients, Piper Jaffray writes, "On August 24, 2011, Steve Jobs announced his resignation as Apple's CEO, indicating that he can no longer meet the required duties. Apple's Board of Directors named Tim Cook the company's new CEO and elected Jobs Chairman of the Board. Jobs will also remain a director, contributing to Apple's current and future business, strategy and products. In reality, the ethos of Steve Jobs, his vision and his work ethic, will forever drive Apple. As such, we reiterate, without hesitation, our Overweight rating on shares of AAPL following the resignation of Steve Jobs and the appointment of Tim Cook as Apple's next CEO." Shares of AAPL are off $8.39 in pre-market trading to $367.79.