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Carl Icahn Thinks People Aren't Excited Enough About Apple

Activist investor Carl Icahn
Activist investor Carl IcahnPhotograph by Richard Levine/Corbis

Carl Icahn, owner of $5.3 billion worth of Apple stock, doesn’t think people are excited enough about Apple. In an open letter to Chief Executive Tim Cook, the activist investor says the company’s shares should be worth $203, or about double the $100.80 closing price on Wednesday, Oct. 8.

The letter is full of flattery and optimistic predictions for Apple’s current and rumored product lines. All this is preface to Icahn’s main point: Apple should purchase more of its own stock, building on the buybacks it began earlier this year after similar pressure from Icahn. Here’s what he thinks is in store for the company: