In what was billed as an “Open Letter to CEO Steve Jobs and Apple’s Board,” influential tech analyst Toni Sacconaghi of Bernstein Research said the company needs to start returning some of its massive $46 billion cash hoard to shareholders.

Apple doesn’t pay a regular dividend and has rarely authorized share buybacks.

It is one of many tech companies that have watched cash balloon on their balance sheets, as strong earnings coupled with a weak market for mergers and acquisitions has swelled bank accounts.