Carl Icahn: Apple Stock is "Dramatically Undervalued"
Submitted by Jon Reed on
In a note to Apple CEO Tim Cook today, billionaire investor Carl Icahn revealed that Icahn Enterprises believes Apple (NASDAQ: AAPL) stock is currently trading at about half of what it is worth. In order to remedy this, the note basically urges Cook to convince the Board of Directors to buy back more stock at a faster pace.

According to the note (which is titled "Sale: Apple Shares at Half Price," and posted on Icahn's site, Shareholder's Square Table), Icahn Enterprises' projected growth for Apple in FY 2016 and FY 2017 "more than adequately justifies using a P/E multiple of 19x our FY 2015 forecast, which along with net cash values Apple at $203 per share

