Despite a slight drop in Apple's stock price after Steve Jobs announced plans to resign as CEO, analysts were not concerned that his departure will have a huge impact on the financial, or creative, future of Apple.
Jobs has laid down a foundation that Apple employees can follow, and his successor, Tim Cook, is not likely to stray far from his vision, analysts said in various notes to investors this morning.
"We believe that Jobs' legacy includes his many great inventions as well as those people who now lead Apple and will carry on his way of creating the future," said Gene Munster, a senior research analyst with Piper Jaffray.
Munster said Cook is the "ideal candidate" to replace Jobs due to his "extreme humility and insatiable motivation." Investors might be jittery, but "we believe there is no better candidate to assume the role," Munster said. "In many ways, it will be Jobs and his deeply rooted vision that will always guide Apple and its leaders."
Brian White, an analyst with Ticonderoga Securities, agreed. Jobs expects nothing but the best and this "has been thoroughly ingrained in the Apple culture during his tenure, creating a team that we believe will thrive for decades to come," he said.
While there "will never be another Steve Jobs," his team will make sure Apple has continued success, White said.
While yesterday's announcement was an initial shock, Jobs' departure has been gradual, starting with his January medical leave of absence. This, White said, allowed investors to get comfortable with the idea of Apple without Steve Jobs.
"During our marketing meetings over the past eight months, investors have indicated that if Steve Jobs stepped down as CEO or worse, the stock could correct up to 10 percent the next day and they would be buyers on this potential sell-off," White said.
With or without Jobs, Apple will likely continue to "have the hottest portfolio in the tech world," especially with the expected arrival of the iPhone 5.
At RBC Capital Markets, analyst Mike Abramsky agreed that investors have had time to prepare for a Jobs-less Apple. He pointed to companies like Ford and Disney, which thrived after the departure of their namesake.
"Apple without Steve will go on," Abramsky wrote. "Steve's departure may precipitate Apple's evolution fro icon-led to team-led, from disruptive innovation to continuous innovation."
If there are any key departures or organizational disruptions, strategic missteps, or competitive gains, Apple could falter, he suggested, so the company needs to stay on its game.
For more, see A Look Back at the Career of Steve Jobs. Also check out Apple Will Be Fine Without Jobs as CEO and Steve Jobs Resigns: Nothing Changes, as well as the Greatest Victories of Steve Jobs slideshow below.