Billionaire Investor Carl Icahn Values Apple at More Than $1 Trillion

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This story originally appeared on Reuters

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 percent at $124.86 in afternoon trading on the Nasdaq.

(Reporting by Abhirup Roy in Bengaluru; Editing by Ted Kerr)

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