Carl Icahn has posted an open letter (http://bit.ly/1pUEl6O) to Apple CEO Tim Cook The investor calls on the company to accelerate its pace of share buybacks and makes the case that shares of AAPL are worth $203 based on projected FY16 and FY17 earnings.

Here's how the letter starts: "As a large Apple shareholder with approximately 53 million shares, we applaud you and the rest of management, especially in light of recent launches and announcements which further validate our view that you are the ideal CEO for Apple. It is truly a watershed moment, with Apple poised to take market share from Google (Android) in the premium device market as iPhone 6 becomes Apple’s flagship device among a growing collection of products and services that work together to form an increasingly dominant mobile ecosystem."