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Apple Set for 15 Percent Growth: Cooperman

Apple stock remains cheap compared to its estimated growth over the next few years, hedge fund manager Leon Cooperman told CNBC on Thursday.

(Read More: Cooperman Sees ‘Bubble’ in U.S. Bond Yields)

“Based upon our earnings estimates, Apple is about 13 times — less than 13 times next year’s earnings, yielding a little under 2 percent, we think grows 15 percent over the next few years,” he said on “Fast Money.”

“So it’s growing substantially more than the market, selling at a discount to the market multiple,” he said. “It’s maybe 2 percent, close to 3 percent of our portfolio at the present time.”

(Read More: Cooperman: Market in ‘Zone of Fair Valuation’)

By comparison, Cooperman of Omega Advisors said the S&P 500 represents growth of about 6 percent with a dividend yield about 2 percent on average.

“For a company with those statistics, you’re paying on average 13, 13½ times earnings,” he said.

Trader disclosure: On Sept. 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: Jon Najarian is long CME; Jon Najarian is long CBOE; Jon Najarian is long GLUU; Jon Najarian is long STSI; Jon Najarian is long call spreads in AAPL; Jon Najarian is long call spreads in GS; Jon Najarian is long call spreads in JPM; Jon Najarian is long call spreads in TGT; Jon Najarian is long call spreads in SBUX; Jon Najarian is long call spreads in FB; Jon Najarian is long call spreads in MSFT; Jon Najarian is long call spreads in QCOM; Jon Najarian is long call spreads in KMI; Enis Tanner is long BAC PUTS; Enis Tanner is long GS; Enis Tanner is long XLU PUTS; Stephanie Link is long AAPL; Stephanie Link is long JPM; Stephanie Link is long WFC; Stephanie Link is long AIG.

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