Deutsche Bank Says News Of Apple CEO Steve Jobs' Resignation Not Unexpected

According to Deutsche Bank, Apple

CEO Steve Jobs has stepped down. Deutsche Bank said that the news is not unexpected. “We expect this news to pressure shares of AAPL (8x EV/FCF and 9x CY11 PE ex-cash) and we view this depressed multiple likely reflects a lot of this concern. Looking forward, we believe risk is more likely to be centered around Apple's 3-5+ year product plans if/when Jobs permanently departs.” Apple closed yesterday at $376.18.