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Gene Munster Keeps Apple $900 Target

Apple's fundamentals remain strong despite the stock's worst performance in four years, Piper Jaffray's Gene Munster said Wednesday on CNBC.

"I'm a fundamental analyst and did a lot of calls with investors today, and I feel like I got a master's in technical analysis just based on an earful from investors, and that's a big issue," he said, adding that worries could put pressure on the stock price toward $500.

But Munster also doubled down on his view of Apple, keeping his $900 price target.

"The fundamentals are strong," he said.

Strong sales of smartphones using Google's Android operating system were not a long-term worry.

"It's disturbing if it lasts for the next couple of quarters," he said. "We expect those numbers to dramatically jump back in favor of Apple, obviously in the December quarter and the March quarter. You've got to look at it in context of the year, not the September quarter, which nobody was buying an iPhone."

Munster remained a believer.

"The demand for iPhone, the demand for Apple products continues to be exceptionally high," he said. "People want their products and we think that that ultimately going to drive the stock higher."

Trader disclosure: On Dec. 5, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Steve Grasso is long AET; Steve Grasso is long ASTM; Steve Grasso is long AUO; Steve Grasso is long BA; Steve Grasso is long HPQ; Steve Grasso is long F; Steve Grasso is long GDX; Steve Grasso is long GOOG; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long P; Steve Grasso is long PXD; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is long WYNN; Brian Kelly is long XLE; Brian Kelly is long EWT; Brian Kelly is long EXT; Brian Kelly is short QQQ; Brian Kelly is short XLV; Tim Seymour is long C; Tim Seymour is long BAC; Tim Seymour is long INTC; Tim Seymour is long SBUX; Tim Seymour is long NOK; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long MICROSOFT; Guy Adami is long AGU; Guy Adami is long NUZ; Guy Adami is long BTU; Guy Adami's wife, Linda Snow, works at MRK.

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