On Monday Apple Inc's (AAPLO) stock was still drastically undervalued and that it must be trading at $240, almost double its present price, explained by Billionaire investor and stock activist Carl Icahn.

BBC reported that Icahn wrote an open letter to Tim Cook, Apple's Chief Executive, to call his attention to implement a much bigger share buyback to boost shareholder returns. It is said that his way, the stock value will also increase. 

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Apple Inc. stock value increased as much as 1.8 percent to $130.72 by Monday afternoon, wherein the stock has gathered more than a quarter since October, after Icahn said it was undervalued.

Economic Times reported that Apple increased its share re-purchase plan in April from $90 billion to $140 billion, following pressure from Icahn and other share activists. The company also boosted its quarterly dividend by 11 percent to 52 percent per share.

Here is a part of Ichan's open letter, "It is our belief that large institutional investors, Wall Street analysts and the news media alike continue to misunderstand Apple."

Icah, one of Apple's biggest investors, has long encouraged the world's most profitable tech company to boost its dividend and buyback more shares. It can be noted that in February, Icahn said that he has almost $53 million shares and is now around $6.8 billion.

According to BBC, Apple intends to enter and dominate two new products - automobile by 2020 and television by 2017 - with an integrated addressable market of $2.2 trillion while Apple has yet to officially confirm that it is working on its own self-driving and electric car.

It has also long been anticipated to penetrate the consumer television business with wider range of product than its present Apple TV box, which network programming includes Fox, CBS, and ABC, that lets users stream apps from iTunes and other sources.

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