Wedbush Reiterates Outperform On Apple

Wedbush is out with a research report on Apple (NASDAQ: AAPL) and is reiterating its Overweight rating and $510 price target.

In a note to clients, Wedbush writes, "End of an era at Apple. Remain supremely confident in Tim Cook. We are saddened to hear about Steve Jobs stepping down from his position as CEO of Apple. However, we remain supremely confident in Tim Cook as a worthy and capable successor who has already been managing the day to day operations. While saddened, we are not surprised to hear about Steve's departure as this had been speculated about for some time."

Shares of AAPL are down $9.48 to $366.70 in pre-market trading.