Following 50%+ Drop, Icahn Thinks Herbalife (HLF) Stock is 'Undervalued'

With Herbalife (NYSE: HLF) down 54 percent from its 52-week high of $83.51 reached last December, activist investor Carl Icahn believes the stock is undervalued.

I would tell you I do believe Herbalife is quite undervalued and it is still a good business model, Icahn said during a Reuters summit on Monday.

On board member Leroy Barnes' recent decision to step down and news that another director, Pedro Cardoso, was indicted in a lawsuit in Brazil, Icahn said, I can't talk about it because we are on the board ... we may get more involved or we may not.

Shares of Herbalife are flat early Tuesday.

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