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GAM Analyst Says Carl Icahn Is “Showboating” Apple’s Target Price

Lazards Merchant Bank Issues Report On Time Warner

 

No, he isn’t going to put on a long dress and croon a song like Ava Gardner in the classic film “Showboat” (or maybe he will. Who knows?), but Carl Icahn was accused by GAM Analyst Mark Hawtin of showboating with an “outrageous” price target to create a rally in Apple, a holding of Icahn’s, according to Bloomberg. Hawtin thinks Icahn’s $203 price target is way out of line, and in Icahn’s 12 pages justifying the target, some of his assumptions are “extremely aggressive. For instance an Apple TV product we don’t even know about yet, ” said Hawtin.

Hawtin thinks Apple is fairly valued at $100 and maintains his neutral rating on the stock. However, he predicts strong sales in emerging markets, and the company has a “fantastic product cycle.” He is also optimistic about the prospects of Apple Pay.

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