Apple stands to benefit the most from any U.S. tax holiday on overseas cash

Morgan Stanley analyst Katy Huberty notes that 37% of Apple's market capitalization, or $216 billion, is held overseas. Should a prospective 10% repatriation allowance occur, the company could save $54 billion in tax expense if it chooses to bring that sum back onshore.

Should the theorized scenario play out, shareholder returns, debt reduction, substantial M&A and a combination of all of the above are cited to be on the table, notes Seeking Alpha. Huberty adds, "It would likely also remove an overhang on the stock that has been in place for many years.”