Ticonderoga Securities on Apple (NASDAQ:AAPL), Steve Jobs

Now that things look like they're settling down after the incredible announcement by Apple (NASDAQ:AAPL) CEO Steve Jobs that he would be taking another medical leave of absence, followed by a blow out quarterly performance by the company, it may be time to look at what analysts like Ticonderoga Securities are saying about the shocking news.

Ticonderoga Securities: "If the stock goes into a significant downturn in the coming weeks on this news and/or further developments in the future, we believe Apple would be wise to tap into its $51 billion net cash position (as of the end of FY10; we estimate $70.8 billion by the end of FY11) for a significant stock repurchase or a generous cash dividend. We wish Steve Jobs the best of luck in his recovery, and hopefully, he is back in the saddle at Apple before long."

Ticonderoga Securities reiterates a "Buy" rating on Apple (AAPL), with a price target of $550 on the company.