Apple Insider reports that Wall Street analysts affirmed the company's position, predicting a relatively uneventful transition for the company and calling Tim Cook "the ideal candidate" for the role.

Apple made headlines late Wednesday when it announced that Cook would be taking over for Jobs as Chief Executive Officer. Jobs wrote in a letter to the Board of Directors and the Apple Community that the day had come when he "could no longer meet [his] duties and expectations as Apple's CEO."

The company's stock fell in after-hours trading, down $19.08 or 5.07 percent. But, Wall Street analysts quickly voiced their confidence in the company, characterizing any drop as a buying opportunity for investors.

  Wall Street expects smooth transition from Steve Jobs to Tim Cook