Turnaround: Barron's Bary bullish on Icahn Enterprises

|About: Icahn Enterprises L.P. (IEP)|By:, SA News Editor

Icahn Enterprises (IEP +7.3%) gets its tail in the air after Barron's Andrew Bary - who issued a well-timed Sell call on the stock in December (and another one in March) - says the big decline in the shares has them looking undervalued once again.

What Icahn calls the "indicative net asset value" is likely still just below $80 per unit, writes Bary, putting them at a little more than a 10% premium - not an unreasonable price given Icahn's investing acumen.

In the end, IEP - with Icahn controlling nearly 90% of outstanding units - is a play on CVR Energy (CVI +0.9%), Federal-Mogul (FDML +0.2%). and Icahn's hedge fund which famously holds stakes in Apple, Herbalife, eBay, Transocean, and Chesapeake Energy, offset by some sizable shorts.