John Ternus has officially taken over as CEO of Apple Inc., succeeding Tim Cook after his 15-year run, with the company's next major iPhone launch scheduled for September 9, giving the new chief just eight days until his first big test. Rosenblatt analyst Barton Crockett raised the price target on Apple to $303.00 from $300.00 while maintaining a Neutral rating, implying roughly 4% downside from current levels. The note assumes successful navigation of supply chain constraints, with price hikes and premium products likely to offset margin pressure. Ternus's test is not about generating cash—Apple's revenue rose 16% year-over-year to $109.4 billion in the June quarter, with diluted EPS up 29% to $2.02—but proving enough new growth and product innovation to sustain a valuation that already trades at a P/E ratio in the 30s. Bears also point to Apple's lag in artificial intelligence, with Zacks' Brian Mulberry saying Ternus must show AI will be more than an app on the iPhone. Hedge fund holders remain optimistic, with 169 funds holding the stock at the end of the second quarter, and short interest estimated at 0.8% to 0.9% of float.
Apple Inc.CEO transition and analyst price target raise with neutral rating, mixed outlook
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