Apple stock has seen some really good days, going as high as $700 in the past. However, since long, the stock’s value has been looming low but in the light of the recent comments by the prominent billionaire, Carl Icahn, it has surged yet again to $500, for the first time since January.
Icahn recently stated that Apple stock is severely under-valued. He also revealed that he has taken a ‘large position’ in Apple, hinting that his investment is now backing Apple’s stock. His prominent position as an investor has naturally affected the value of the Apple stock which has surged high since his aforementioned statements.
Icahn has also stated that he expects Apple’s stock to raise to $600 soon. According to him, “Buy the company here and even without earnings growth, we think it ought to be worth $625.” Icahn hasn’t divulged the exact details of his investment in the company but certain sources have claimed that his current stake in Apple is well over $1.5 billion, which is very substantial.
Apple, too, has responded positively to Icahn’s support and the company’s chief, Tim Cook, recently had a one-to-one discussion with Icahn over the future of the company’s stock. Icahn has proposed that Apple should expedite its stock buy back initiative, something which Apple team currently seems in agreement with. If the buy back program goes forth as planned, this will certainly increase Apple’s stock further in the coming days.
Naturally, Icahn’s staunch trust in Apple’s expected performance also hints that he has listened in on Apple’s future plans and seems fairly impressed by them.