Evercore isn't budging on its Outperform call for Apple (AAPL, Financial), even after Jeff Williams announced he's stepping down as COO. The firm's lead analyst, Amit Daryanani, points out this feels like a carefully choreographed handoff rather than a scramble to fill a gap.
Williams, whose résumé includes shepherding the iPod, iPhone and Apple Watch to market, will stay on to drive design, wearables and health projects before retiring later this year. Taking over is Sabih Khan, a 28-year company veteran who built Apple's famously nimble supply chain from the ground up.
What really matters here, Evercore says, is continuity. Apple's ability to keep factories humming and products on shelves has been a quietly vital advantage. Promoting Khan from within should make sure nothing slips during the transition.
All told, Evercore believes this swap actually strengthens Apple's playbook. With Williams zeroing in on growth areas and Khan locking down operations, the firm is confident in Apple's innovation engine and margin resilience—and so it's sticking with that $250 target.
