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Value in Apple Stock: Sacconaghi

After shares of Apple dipped below $400 intraday Monday, there are still reasons to consider the stock, Toni Sacconaghi of Sanford Bernstein said on CNBC's "Fast Money."

"My belief is that you have relatively inexpensive option value in the company right now," he said.

Sacconaghi noted that the stock was valued at about 6½ times cash flow "if you give credit for their cash balance."

"That's a very, very inexpensive level," he said.

Apple stock declined to $398.05 before bouncing back to close at $402.54, which was still down 2.65 for the day.

But Sacconaghi saw a bright side.

"I don't think estimates are likely to go down over the next three or four months," he said. "Yet at the same time, there's potentially forthcoming product, and there could be surprise either in terms of those products coming earlier, being more impactful than people think, or products that people aren't anticipating."

(Watch Video: Take a Bite Out of Apple?)

Sacconaghi acknowledged that there was "probably a downside to $360" in shares of Apple.

"But I think you have real option value if ultimately we're not going to have a big downward revision and we are in the window of a set of new products," he said.

Trader disclosure: On June 24, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long MSFT; Guy Adami is long AGU; Guy Adami is long NUE; Guy Adami is long BTU; Guy Adami's wife, Linda Snow, works at Merck; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long TGT; Karen Finerman is long GOOG; Karen Finerman is long ORCL; Karen Finerman is long MDY, SPY, KFS puts; Tim Seymour is long AAPL; Tim Seymour is long BAC; Tim Seymour is long CLF; Tim Seymour is long SBUX; Pete Najarian is long AAPL; Pete Najarian is long INTC; Pete Najarian is long FB; Pete Najarian is long BBRY; Pete Najarian is long SBUX; Pete Najarian is long MSFT; Pete Najarian is long SE; Pete Najarian is long GT; Pete Najarian is long EEM; Pete Najarian is long XLB.

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