In an open letter to Tim Cook, billionaire investor Carl Icahn says Apple’s stock is still incredibly undervalued, and that now is the time for a much larger stock buyback.
Icahn’s firm believes that Apple shares are really worth $240 today, despite trading around $130.26 this morning, an increase over his previous estimate of $216. According to his letter, Icahn believes Apple is poised to dominate two new markets – television and the automobile.