Barclays on Apple (NASDAQ:AAPL), Steve Jobs

Taking a breather after the unexpected announcement by Apple (NASDAQ:AAPL) CEO Steve Jobs that he would be taking another medical leave of absence, followed by an amazing quarterly performance by the company, it may be time to look at what some analysts like Barclays said about the situation.

Barclays noted "While Steve Job's health has been a constant concern for investors given previous issues and his importance to the company, we believe this announcement will still come as a negative surprise given it is the second leave in just two years, and this time there doesn't appear to be a date set that he expects to be back. That said - Apple's succession plan is obvious to us - Tim Cook is a proven executive who can handle the pressure and knows how to run the inner workings of Apple in Steve's shadow. We believe Apple is in capable hands."

Barclays reiterates an "Overweight" rating on Apple (AAPL), which closed Wednesday at $338.84, down $1.81, or 0.53 percent. Barclays has a price target of $420 on Apple.