Apple stock 'dramatically undervalued': Carl Icahn

New York

BILLIONAIRE investor Carl Icahn said Apple Inc's stock was "still dramatically undervalued" and that it should be trading at US$240, nearly double its current price.

Mr Icahn also used an open letter to Apple chief executive Tim Cook to call for it to execute a much larger share buyback, returning to a longtime theme of the activist investor's campaign for the iPhone maker to boost shareholder returns.