It’s likely that Tim Cook doesn’t exactly look forward to hearing from Carl Icahn, but it’s difficult to argue that the activist investor isn’t a massive cheerleader for Apple.
As promised, Icahn published his open letter to Tim Cook today and the big surprise (spoiler alert!) is that he feels his 45 million shares of AAPL stock are grossly undervalued.
In a message entitled “Sale: Apple Shares at Half Price,” Icahn explains why he believes Apple stock is currently trading at half its true value, instead claiming it should be priced at $203 per share — based on growth forecast for the next two years, alongside the company’s massive cash reserves.