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.
The company is based in Cupertino, Calif.
Insight from TheStreet's Research Team:
Apple is a core holding of Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. During the most recent weekly roundup, this is what Jim Cramer, Portfolio Manager & Jack Mohr, Director of Research - Action Alerts PLUS had to say about the stock:
Apple ( AAPL:Nasdaq; $128.77; 820 shares; 4.05%; Sector: Technology): The shares finally regained some momentum this week following three weeks of underperformance. As we look at the Apple TV opportunity, we believe Apple will launch a disruptive virtual TV service later this year in a move that could shift the landscape of pay TV. The Internet can support better personalization, hardware flexibility and customer service than traditional multichannel video programming distributors (MVPD), as well as a faster product improvement.
A well-executed Apple service could alter consumers' expectations for a linear bundle while altering the competitive landscape at the same time. We look forward to the launch of another disruptive Apple product and reiterate our $150 target.
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Separately, TheStreet Ratings team rates APPLE INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate APPLE INC (AAPL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, robust revenue growth and notable return on equity. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."
You can view the full analysis from the report here: AAPL Ratings Report