There have been worries that Apple's innovation engine will slow without Steve Jobs at the company's helm. "The major risk in the Apple story is that the company may no longer be able to innovate at the same rapid pace or with the same disruption that characterized the era when Steve Jobs was at the helm," wrote Needham analyst Charlie Wolf in a research note. Wolf rates shares a buy with a $540 price target.
When Jobs passed away, there were rumors that he had left Apple with a product pipeline of four years. Morningstar analyst Michael Holt wrote in a research report that "a full pipeline of Jobs-approved launches will fuel growth for the foreseeable future." Holt has a fair value of $540 on Apple.Apple sold a phenomenal 37.04 million iPhones, 5.2 million Macs, 15.43 million iPads, and 15.4 million iPods during the first quarter. The next area of innovation may be the much-rumored Apple TV. Piper Jaffray analyst Gene Munster asked about the company's living room strategy during Wednesday's conference call, and while CEO Cook did not hint at a television set forthcoming, many expect it for later this year or early 2013.
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