Apple stock price climbing to $600: Pro
Apple's stock price will have more to rely on than just the iPhone, Paul Meeks of Saturna Capital said Tuesday.
"If we're going to see some innovation, some product launches, which are going to be the next catalyst for the stock," he said, they likely won't happen until the December quarter at the earliest.
"I still like this thing long-term. I'm just really worried about what they say this afternoon and also worried about the guidance they give for the September quarter," he added.
Shares of Apple traded at $423.33 midday, down 0.7 percent.
The Cupertino, Calif., company will report quarterly earnings after the stock market close.
On CNBC's "Fast Money," Meeks said that the stock's bottom is behind it.
"I do think almost regardless of what happens this quarter or next, we've seen the downside in the stock, which is about $385," he said. "That's about 10 percent lower. And I do think that over time, if they do show a glimpse of innovation — which I think they will — the stock goes to $600."
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Meeks noted that the fund had purchased shares at an average cost of $8.25 per share.
Apple would likely continue to innovate, he added, noting new products already in the pipeline.
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"What happens over time, it's not just an iPhone story," Meeks said. "Well, you may have a new iPhone S. You may have a lower-cost iPhone. But you also have the iWatch and the television and maybe a deal with China Mobile, so there's other catalysts besides a laser-beam focus just on the iPhone franchise."
Meeks also said that he remained positive on chip maker and iPhone supplier Qualcomm.
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"The reason I continue to like it long-term is that they will continue – in my view, even as technology evolves –to dominate their space in mobile chips, which is a very important, very large, fast-growing space," he said. "However, as the market has morphed, we're going from developed countries to emerging markets. We're going from smartphones to feature phones.
"I like Qualcomm a lot."
Trader disclosure: On July 23, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Josh Brown is long AAPL; Josh Brown is long XLU; Josh Brown is long TGT; Josh Brown is long DD; Joe Terranova is long VRTS; Joe Terranova is long TRV; Joe Terranova is long AXP; Joe Terranova is long OXY; Joe Terranova is long EMC; Joe Terranova is long MS; Joe Terranova is long GS; Joe Terranova is long CRUDE OIL FUTURES; Steve Weiss is long BAC; Steve Weiss is long C; Steve Weiss is long MS; Steve Weiss is long GILD; Steve Weiss is short CAT; As of 7/22/13 Jon Najarian is long AAPL; Jon Najarian is long GLD ; Jon Najarian is long ABX; Jon Najarian is long NUGT; Jon Najarian is long BBRY; Jon Najarian is long PBR; Jon Najarian is long ITUB ; Jon Najarian is long WLL; Jon Najarian is long ZNGA.