Investing.com -- Apple has announced that Tim Cook will step down as chief executive on September 1, transitioning to executive chairman, with hardware engineering chief John Ternus set to succeed him as the company's third CEO since 1997.

Analysts broadly welcomed the transition, characterizing it as well-telegraphed and strategically sound given Ternus's 25-year tenure at the company.

Morgan Stanley's Erik Woodring stated in a note that the change is "unlikely to alter Apple's core strategy/vision across hardware, services, software, capital returns, or vertical integration," but highlighted that a CEO transition could fuel renewed investor optimism given the potential for longer-term change.

The bank expects to learn more about Ternus's vision on AI, new markets, and supplier diversification in the coming quarters.

Melius Research analyst Ben Reitzes said the timing (announced ahead of Apple's April 30 earnings report) was the only surprise.

"My gut tells me this was announced before earnings so we can focus on a great quarter with strong fundamentals next week," Reitzes wrote.

He reiterated a buy rating and $350 price target on Apple, adding that shares could rally into a Siri announcement at WWDC on June 8 and benefit from new iPhone launches in the fall, including a higher-priced foldable.

Reitzes also flagged the promotion of Johny Srouji to chief hardware officer as a positive, describing him as "an engineering legend in his own right."

JPMorgan's Samik Chatterjee views the announcement positively, citing the elevation of a product and hardware-focused executive at a time of intense competition to deliver next-generation form factors and AI-capable devices.

Chatterjee noted that Cook will continue supporting engagements with policymakers globally in his executive chairman role.