- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 04:26 05:44 12:20 15:47 18:50 20:08
Apple became the first company to reach a market value of $700 billion on February 10, 2015, as shares vaulted amid upbeat news on the US tech giant's gains in the smartphone market and soon-to-arrive smartwatch. (AFP)
Activist investor Carl Icahn said Apple Inc.’s stock should be trading at $216, far above its record high of $124.92 hit on Wednesday.
At $216 per share, Apple would be valued at about $1.3 trillion, compared with about $700 billion currently.
Icahn said Apple’s price-to-earnings ratio should be about 20 times, which taken together with net cash of $22 per share works out to $216 per share.
“Also, to the extent Apple introduces a TV in FY 2016 or FY 2017, we believe this 20X multiple is conservative,” the billionaire Apple shareholder wrote in a letter to his Twitter followers.
Icahn owns about 53 million Apple shares worth $6.5 billion.
Apple shares were up 2.3 per cent at $124.86 in afternoon trading on the Nasdaq.
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