NEW YORK (TheStreet) -- Shares of Apple Inc (AAPL) are climbing, up 0.28% to $129.13 in late morning trading Monday, after analysts at FBR Capital Markets said investors are underestimating the iPhone maker's growth story around China.
The firm said China will overtake the Americas as Apple's top geographic region by revenue in 2017.
FBR analysts believe Apple is "poised to capitalize" on what they estimate is more than a $150 billion total addressable market from China smartphone shipments over the next few years.
The firm maintained an "outperform" rating with a $185 price target.
Plus, billionaire investor Carl Icahn said Apple remains dramatically undervalued, and is worth almost double the current price, according to CNBC.
In a letter to Apple CEO Tim Cook, Icahn wrote that he values Apple shares at $240. Icahn also called for accelerated buybacks, CNBC added.
The investor said his team believes that Apple is poised to enter and "dominate" two new product categories, television and automobile, CNBC reports.
Additionally, Apple acquired global positioning company Coherent Navigation to bolster its location technology and services, according to the New York Times.
Coherent Navigation was founded in 2008 and is a small firm that creates commercial navigation services through partnerships with companies, the Times added.
Terms of the acquisition were not disclosed.
On Friday, Apple was the Trifecta Stocks Team's 'Chart of the Day.'
Apple designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, as well as a variety of related software, services, peripherals, networking solutions, and applications.