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[AAPL  Loading...      ()   ] may be edging toward $500, and that kind of round number is usually a psychological level of resistance, but the Fast Money traders say whatever you do – don’t play Apple short.

“I still look at this company and say to myself, it’s still extremely cheap,” says Pete Najarian. “Why people are shooting against this – I have no idea.”

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“To sell or be short is suicidal,” adds trader Josh Brown. “This stock has never given you a reason to bet against it.”

In fact, Canaccord Genuity analyst Michael Walkley sees 3 reasons to bet with Apple. They are iPhone5, iTV and iPad3. And the demand for these gadgets, he believes, should drive the stock more than $150 higher to $665.

iPad 3

This new gadget could be a powerful catalyst very, very soon. Walkley tells us he expects the iPad3 to premiere the first week of March.

“There’s a major trade show in Barcelona at the end of Feb,” he explains. A lot of Apple competitors will announce rival products and we think Apple will want to steal thunder back for the iPad 3. So my firm thinks it comes during the first week in March.

Flickr: ping ping Apple Store

iPhone 5

The anticipation of this new gadget is so intense Walkley tells us competitors are timing their smartphone launches strategically, so they don’t have to compete. “They’re delaying launches on the belief that the iPhone comes out in summer 2012,” he says

iTV

Walkley thinks the newest iteration of Apple TV could drive a whole new leg of growth for the company. The popular belief is that iTV will integrate Siri – voice recognition software – as well as all the other Apple gadgets, making it the piece de resistance of the Apple universe.

“With all the growth and momentum and all the market share they can win, we think shares remain undervalued. Apple is our top pick,” says Walkley.

Trader Jon Najarian agrees entirely. However with the stock trading near $500 he also knows a bullish bet requires a lot of capital. Therefore he suggest playing Apple with options. “I’d play it with upside calls,” he says.

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Current DateTime: 06:03:23 29 May 2012
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Trader disclosure: On Feb 9, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; J. Najarian is long CIGX; J. Najarian is long CME; J. Najarian is long CBOE; J. Najarian is long call spreads in AAPL; J. Najarian is long call spreads in BAC; J. Najarian is long call spreads in GS; J. Najarian is long call spreads in JPM; J. Najarian is long call spreads in CSCO; J. Najarian is long call spreads in IBM; J. Najarian is long call spreads in BWLD; J. Najarian is long call spreads in WHR; J. Najarian is long call spreads in GRPN; Najarian is long AAPL; Najarian is long C; Najarian is long JPM; Najarian is long MS; Najarian is long YHOO; Najarian is long PEP; Najarian is long MS; Weiss is long DMND; Cortes is long SO; Cortes is long MO; Cortes is long treasuries; Cortes is short SINA; Cortes is short SOHU; Cortes is short BAC; Cortes is short euro currency; Cortes is short Canadian dollar; Brown is long AAPL; Brown is long V; Brown is long JKH; Grasso is long ASTM; Grasso is long AVAV; Grasso is long BA; Grasso is long D; Grasso is long FIO; Grasso is long LIT; Grasso is long MHY; Grasso is long MO; Grasso is long PFE; Grasso is long PRST; Grasso is long S; Grasso is long XLU

For Michael Walkley (AAPL) disclosures:
Canaccord Genuity or any of its affiliated companies is a market maker or liquidity provider in the securities of the relevant issuer or in any related derivatives.
Canaccord Genuity intends to seek or expects to receive compensation for Corporate Finance/Investment
Banking services from the relevant issuer in the next six months.

For Mark Mahaney
Citigroup Global Markets Inc. or its affiliates beneficially owns 1% or more of any class of common equity securities of Akamai Technologies Inc, eBay Inc, Netflix Inc, Yahoo! Inc. This position reflects information available as of the prior business day.

Within the past 12 months, Citigroup Global Markets Inc. or its affiliates has acted as manager or co-manager of an offering of securities of Google Inc, Groupon, Inc..

Citigroup Global Markets Inc. or its affiliates has received compensation for investment banking services provided within the past 12 months from eBay Inc, Google Inc, Groupon, Inc.

Citigroup Global Markets Inc. or its affiliates expects to receive or intends to seek, within the next three months, compensation for investment banking services from Yahoo! Inc

Citigroup Global Markets Inc. or an affiliate received compensation for products and services other than investment banking services from Amazon.com Inc, Akamai Technologies Inc, eBay Inc, Google Inc, Groupon, Inc., Priceline.Com Inc, Yahoo! Inc in the past 12 months

Citigroup Global Markets Inc. currently has, or had within the past 12 months, the following as investment banking client(s): Groupon, Inc., eBay Inc, Google Inc, Yahoo! Inc

Citigroup Global Markets Inc. currently has, or had within the past 12 months, the following as clients, and the services provided were non-investment-banking, securities-related: Amazon.com Inc, Akamai Technologies Inc, eBay Inc, Google Inc, Groupon, Inc., Priceline.Com Inc, Yahoo! Inc

Citigroup Global Markets Inc. currently has, or had within the past 12 months, the following as clients, and the services provided were non-investment-banking, non-securities-related: Amazon.com Inc, eBay Inc, Google Inc, Groupon, Inc., Priceline.Com Inc, Yahoo! Inc

Citigroup Global Markets Inc. or an affiliate received compensation in the past 12 months from Groupon, Inc.

Analysts' compensation is determined based upon activities and services intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates ("the Firm"). Like all Firm employees, analysts receive compensation that is impacted by overall firm profitability which includes investment banking revenues

The Firm is a market maker in the publicly traded equity securities of Amazon.com Inc, Akamai Technologies Inc, eBay Inc, Google Inc, Groupon, Inc., Netflix Inc, Priceline.Com Inc, Yahoo! Inc.

For Todd Gordon
No Disclosures

CNBC.com with wires.