Icahn: Apple shares sell at ‘half price’ value
As a major Apple shareholder, Carl Icahn thinks his stock in the iPhone maker should have more iValue.
So Icahn — who owns 53 million shares in Apple —on Thursday fired off a note to Apple CEO Tim Cook. The message: Apple should buy back more of its own stock.
He says Apple is an undervalued company that should repurchase even more of its shares before the market catches up. Icahn said he believes there is “a massive undervaluation” that “will not last for long.”
“It is truly a watershed moment, with Apple poised to take market share from Google (Android) in the premium device market as iPhone 6 becomes Apple’s flagship device among a growing collection of products and services that work together to form an increasingly dominant mobile ecosystem,” Icahn said.
“Icahn has laid it all out, and it would be easy to see how it works,” says Colin Gillis, an analyst at BGC Partners.
Last year, he first fought then dropped his fight against Dell founder Michael Dell and Silver Lake Partners’ deal to take the PC company private, but still criticized it as undervaluing the company.
Icahn also gave Cook a vote of confidence, calling him “the ideal CEO for Apple.”
Source: Usatoday- Icahn: Apple shares sell at ‘half price’ value
