S&P Capital Reiterates on Apple After Latest Icahn Proposal
In a report published Monday, S&P Capital analyst Scott Kessler reiterated a Buy rating on Apple (NASDAQ: AAPL)
According to the report, AAPL filed a preliminary proxy with SEC last week, announcing its annual shareholder meeting was set for Feb. 28.
“A proposal from Carl Icahn, for AAPL to commit to completing at least $50B in share repurchases in FY 14 (Sep.) and increase the amount authorized accordingly, is included,” the report said.“ AAPL recommends voting against the proposal, indicating it should make related decisions. In April 2013, AAPL announced a buyback program increase to $60B, and in the 12 months through September it repurchased $23B in stock.”
An update is provided by AAPL is expected by 2014.
AAPL closed Friday at $553.44 with shares down at 1.19%.
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