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On Tuesday, Evercore ISI reiterated its Outperform rating on Apple Inc. (NASDAQ:AAPL) with a price target of $250.00. The confirmation comes in light of Apple's recent announcement regarding a significant change in its executive team. The company issued a press release after the market closed, revealing that Luca Maestri will step down from his role as Chief Financial Officer (CFO) on January 1, 2025.
Luca Maestri, who has played a pivotal role in Apple's financial management, will continue to lead the Corporate Services team while reporting to CEO Tim Cook. Kevin Parekh, the current Vice President of Financial Planning and Analysis, is set to take over the CFO position. Parekh has been part of the Apple team for 11 years and has previously managed finance for Worldwide Sales, Retail, and Marketing.
The transition is seen as a well-planned succession strategy, with Maestri scaling back his responsibilities gradually to ensure a smooth handover to Parekh. Evercore ISI views this change as a continuation of Apple's strong financial leadership, expecting that Parekh will uphold the company's financial discipline and capital allocation strategies that have benefited investors during Maestri's tenure.
The firm emphasized that while Maestri's commitment to financial discipline and strategic capital allocation has been greatly advantageous for Apple's shareholders, his departure will leave significant responsibilities for his successor.
However, Parekh's extensive experience working alongside Maestri positions him favorably to maintain Apple's impressive financial performance and discipline. Evercore ISI's maintained Outperform rating and price target reflect confidence in the ongoing financial execution at Apple.
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