Apple Inc. (NASDAQ:AAPL) is having a dream period in the Wall Street. Apple Inc. (NASDAQ:AAPL) became the first company to break the $700 billion market cap valuation on Tuesday and the stock closed the day on $122.02. The stock price again went up on Wednesday by 2%. Majority of this was contributed to very successful iPhone 6 sales in the fourth quarter, which is carrying into the first quarter of 2015 as well. But, Investor Activist and Hedge Fund Manager Carl Icahn, who manages Icahn Capital Lp feels that Apple Inc. (NASDAQ:AAPL) is much undervalues at the moment. A ‘Cnet’ article discusses about Icahn’s views on Apple Inc. (NADSAQ:AAPL) stock.
Icahn owns around 53 million Apple Inc. (NASDAQ:AAPL) shares. The total worth of the Apple Inc. (NASDAQ:AAPL) stock owned by Icahn sums up to a staggering $6.5 billion. He wrote a letter to his Twitter followers on Wednesday stating that Apple Inc. (NASDAQ:AAPL) could use its excess cash of $178 billion to do stock buyback and repurchases. Icahn feels that Apple Inc. (NASDAQ:AAPL) stock dramatically undervalued at the moment.
Icahn mentioned in his letter that he was the major reason behind Apple Inc. (NASDAQ:AAPL) increasing their share buybacks after 2013, which he said was the main reason for boost in Apple Inc. (NASDAQ:AAPL) stock value. He told that he hasn’t sold a single stock from the 53 million Apple Inc. (NASDAQ:AAPL) stock that he is holding right now.
Icanh firmly believes that Apple Inc. (NASDAQ:AAPL) stock is worth $216 per share with a market cap of around $1.25 trillion. He feels that if Apple Inc. (NASDAQ:AAPL) increases the share buybacks and repurchases with cash in hand, the stock could easily reach his target price very soon.
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