Icahn says Apple shares 'still dramatically undervalued'

18/05/2015 - 16:19

(Reuters) - Apple Inc remains "dramatically undervalued", activist investor Carl Icahn said on Monday, adding that it was time for the iPhone maker to execute a much larger share buyback.

"After reflecting upon APPLE (AAPL.NQ)s tremendous success, we now believe Apple shares are worth $240 today," Icahn wrote in an open letter to Chief Executive Tim Cook. (http://bit.ly/1QXgpia)

(Reporting by Anya George Tharakan in Bengaluru; Editing by Saumyadeb Chakrabarty)