Carl Icahn's New Apple Report: Coming Soon?

Apple Inc. AAPL shares are up nearly 1 percent in Thursday's pre-market session, as market participants continue to chat about Carl Icahn's next report on the tech giant.

Fifteen days ago on April 28, Icahn tweeted the following:

The report has yet to be released.

As is typical with any Icahn-Apple update, the document will likely be released on Shareholders' Square Table, a site Icahn launched in October 2013.

$216 Per Share

The last Apple report issued by the billionaire activist came in mid-February. At that time, Icahn explained his valuation for Apple stock.

"We believe the market should value Apple at a P/E of at least 20x, which together with net cash of $22 per share, would value Apple shares today at $216 per share," the letter wrote. "This is not a future price target. $216 is what we think Apple is worth TODAY."

"Also, to the extent Apple introduces a TV in FY 2016 or FY 2017, we believe this 20x multiple is conservative," Icahn added.

Shares of Apple last traded near the $126 mark. FBR, which holds the Street-high price target on Apple stock, estimates the company is worth a $1 trillion market cap at $185 a share.

Icahn's price target would imply a market cap of more than $1.2 trillion.