Goldman Sachs Reiterates Buy on Apple Following Announcement of Angela Ahrendts Joining the Team

In a report published Tuesday, Goldman Sachs analyst Bill Shope reiterated a Buy rating and $560.00 price target on Apple (NASDAQ: AAPL).

In the report, Goldman Sachs noted, “Apple today announced that Angela Ahrendts, CEO of Burberry, will be joining the company as a senior vice president and member of the executive team. In the newly created position, Ms. Ahrendts will have oversight of the strategic direction, expansion and operation of both Apple retail and the online store. Ms. Ahrendts will join Apple in the spring from Burberry, where she has served as CEO since 2006. Prior to Burberry, she was executive vice president at Liz Claiborne Inc. between 1998 and 2006, and was executive vice president of Henri Bendel from 1996 to 1998. Earlier in her career she served as president of Donna Karan International from 1989 to 1996. Ms. Ahrendts fills a seat that had been vacant for about a year since the departure of former Senior Vice President of Retail, John Browett. At Burberry, Ms. Ahrendts oversaw a period of significant growth and expansion of both the company's store network and online presence, which appears to be aligned with Apple's goals for its retail and direct initiatives. In particular, her experience in expanding Burberry's presence in Asia should prove critical to Apple's efforts to attract new users in the region.”

Apple closed on Monday at $496.04.