Wells Fargo (NYSE:WFC) on Apple's (Nasdaq:AAPL) Jobs Taking Leave of Absence

With Steve Jobs being such an integral part of the Apple (Nasdaq:AAPL) success - possibly too much of a part - everyone is talking on the effect of Jobs taking his third medical leave of absence over the last several years.

Wells Fargo (NYSE:WFC) noted they believe there will be a short-term hit on the company, but the overall condition of the company and its existing management should be enough to hold things together in the minds of shareholders.

Wells Fargo said, "While there will likely be some negative stock response resulting from this headline, we are more than comfortable with the rest of the management team. We believe that the company has its product plans set in place for the next few years, and do not expect to see any change in strategy...While it is clear that Jobs can't be replaced, we believe Apple's brand, strategy, and depth of talent is in place and the company should be able to continue to execute well. We believe that the current valuation already reflects some of the risk investors have associated with his health concerns." Maintains Outperform rating.

Apple was trading at $337.46, down $11.02, or 3.16 percent, as of 11:49 AM EST.