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‘A Real Conflict’ for Apple Stock: Milunovich

Apple looks to continue to grow earnings next year, but its shares present a quandary for investors, UBS analyst Steve Milunovich said Thursday on CNBC.

"I think you've got a real conflict for this stock. On one hand, the valuation cheap," he said. "On the other hand, you do have momentum peaking."

On "Fast Money," Milunovich said that he doesn't think the company will likely see much P/E expansion ahead.

"That doesn't mean the stock doesn't go due to earnings growth, though, so we continue to be bullish," he said. (Read More: Gene Munster Keeps Apple $900 Target)

Milunovich also noted that buyers of Apple shares were shifting from growth investors to value investors.

"I think we're in the fourth or fifth inning of the Apple story," he said. "I don't think it's over, and we do think it'll rebound next year."

Joe Terranova of Virtus Investment Partners said the stock was in pause mode. (Read More: Will Apple Shares Hit May Lows?)

"What I see in front of me right now motivates me to do nothing, hold the position. I'm waiting to see what's going to happen here with earnings. There is further downside potential here through the end of the year," he said. "I am just going to sit here and wait."

Dennis Gartman of The Gartman Letter wasn't a buyer.

"Apple's a wonderful company, but it's not a good stock at this point," he said.

TheStreet CIO Stephanie Link said the stock is range-bound until Apple reports quarterly earnings on Jan. 22.

"This is an over-owned stock to begin with," she said. "So you've got questions. You've got a lot of people owning it. And now everyone's running to the door. So I think you definitely want – on these really big pullbacks – to be adding."

Trader disclosure: On Dec. 6, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Stephanie Link is long AAPL; Stephanie Link is long SBUX; Stephanie Link is long BRCM; Stephanie Link is long SLB; Stephen Weiss is long BAC; Stephen Weiss is long SCCO; Stephen Weiss is long CNX; Stephen Weiss is long QCOM; Stephen Weiss is long FXCX; Joe Terranova is long VRTS; Joe Terranova is long TJX; Joe Terranova is long AAPL; Joe Terranova is long YUM; Joe Terranova is long SWN; Joe Terranova is long GLW; Joe Terranova is long DELL; Joe Terranova is long VZ; Joe Terranova is long XOM; Dennis Gartman is long AUSSIE DOLLAR; Dennis Gartman is long S&P; Dennis Gartman is long NAT GAS; Dennis Gartman is short YEN; Dennis Gartman is short Euro; Dennis Gartman is short CRUDE; Dennis Gartman is long C.

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