You’ve read it before. You’ll read it again. Specifically, you’ll read it right now.
Billionaire investor and prominent AAPL shareholder Carl Icahn says we haven’t seen anything yet with regard to the growth of AAPL on Wall Street.
So where is the stock headed? According to Icahn, it shouldn’t already be at $240, not $130.
But we’ll get there eventually, he says.
“It is our belief that large institutional investors,” Icahn writes. “Wall Street analysts and the news media alike continue to misunderstand Apple and generally fail to value Apple’s net cash separately from its business, fail to adjust earnings to reflect Apple’s real cash tax rate, fail to recognize the growth prospects of Apple entering new categories, and fail to recognize that Apple will maintain pricing and margins, despite significant evidence to the contrary Collectively, these failures have caused Apple’s earnings multiple to stay irrationally discounted, in our view.”
To read the complete message from Icahn, click here.