Apple (AAPL) Sees Upside Ahead of Icahn Update

Amid the post-earnings sell-off in the stock, traders are again starting to nibble on Apple (NASDAQ: AAPL) (+0.56%) in anticipation of Carl Icahn's updated report and price target on the company, which is due any day.

On April 28, Mr. Icahn tweeted "$AAPL is still undervalued and misunderstood. Expect to put out another in-depth report within two weeks." It has been 9 days since the tweet. The update could be a catalyst for the stock.

Mr. Icahn currently has a $216 price target on Apple, which is above the current sell-side high price target of $195 from Cantor Fitzgerald's Brian White.

In addition to the possibility of issuing a new price target, Mr. Icahn may address the company's current buyback plan. He will also most likely address the ongoing discount multiple the stock trades at.

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