Icahn values Apple at more than $1 trillion

Billionaire investor Carl Icahn says there's a "fundamental misunderstanding" about the future prospects of Gannett's publishing business.

this position with respect to excess cash is great news for shareholders, and we look forward to the capital return program update in April, anticipating it will include a large increase to share repurchases," Icahn wrote.

billionaire investor Carl Icahn says there's a "fundamental misunderstanding" about the future prospects of Gannett's publishing business.

SAN FRANCISCO — what is cooler than being the primary U.S. company to shut at quite $700 billion in market value?

To be the primary company to shut at $1 trillion.

And that's Carl Icahn's prediction for Apple.

He thinks the technology big is value $216 a share, in keeping with a letter the have capitalist announce on his web site.

Apple shares closed up a pair of to $124.88.

Icahn is optimistic on Apple and has congregate fifty three million shares value $6.5 billion. He says he has not sold  one share.

In the letter, Icahn predicts Apple can outshine his previous estimates. He has exaggerated his forecast for earnings per share in 2015 to $9.70 from $9.60.

He conjointly praised Apple chief operating officer Tim Cook's remarks regarding money distribution at the Goldman Sachs Technology and web Conference in point of entry.

"By and enormous, my view is, for money that we do not would like – with some level of buffer – we wish to grant it back [to shareholders]. it should bump into that we have a tendency to square measure, however we're not hoarders," Cook aforesaid on Tues.