“The Street continues to be preoccupied with Carl Icahn’s announcement Tuesday he took a ‘large stake’ in the shares and urged CEO Tim Cook to expand the company’s already record share buyback program,” Tiernan Ray reports for Barron’s.
“In contrast to some skeptical notes from Apple bulls yesterday, RBC Capital Markets’ Amit Daryanani today writes that he sees ‘plenty of potential’ for an expanded buyback program given its ratio of debt/ebitda is abnormally low at 0.3 versus tech industry average of 1.8,” Ray reports. “Daryanani, reiterating an Outperform rating, raises his price target to $525 from $475, [writes] that Apple could add another $55 billion in debt and materially boost earnings.”
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