"All I can say is as a fellow Apple shareholder, I hope Apple tells Carl Icahn to stuff it," Blodget said. "And I say that as a big fan of Carl Icahn, but enough about this financial engineering. Apple should stay focused on making great products. The stock will take care of itself."
Blodget's comments came a day after Icahn said that he had pushed Apple's CEO for a $150 billion share buyback during a dinner in New York.
"I feel very strongly about this," the activist investor said. "I can't promise you the stock will go up and I can't promise you they will do the buyback. But I can promise you that I'm not going away until they hear a lot more from me concerning this."
(Read more: Icahn to Apple: 'I'm not going away')
On CNBC's "Fast Money," Blodget said that Apple should stick to its area of expertise.
"Icahn is a small investor, relative to about 15 massive institutions that hold a lot more stock than he does," he said. "Apple is focused on exactly the right things, which is making great products. If they stay focused on that, the stock will take care of itself.