Apple stock has plenty of upside left ahead, Mark Mulholland said Wednesday on CNBC.
Mulholland, portfolio manager of The Matthew 25 Fund (MXXVX), cited a report showing that the worldwide smartphone market stands to grow around 26 percent over the next couple of years.
"Will they be No. 1 as they were last quarter? I don't know, but they'll participate in it," he said.
On "Fast Money," Mulholland acknowledged that Apple stock had lost momentum.
"I always think once a stock corrects 20, 25 percent, which it did in mid-November of 2012, in my mind, it takes a year, year and a half to get back to at least 85 percent of where it peaked out, which would be $600," he added.
Mulholland said that he would likely take some tax losses on the stock.
"I still have very, very high hopes," he said. "It's been a headache owning Apple the last three months but not a cancer."
Overall, Apple stock still appeared attractive, Mulholland said.
"I always think everything comes down to three issues: It's value, growth, momentum," he said. "If you can get all three, it's perfect. If you get two out of three, it's pretty good."
Correction: A previous version of this story incorrectly identified Mark Mulholland's title. He is portfolio manager of The Matthew 25 Fund.
Trader disclosure: On Feb. 27, 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 AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Jon Najarian is long AAPL CALL SPREADS; Jon Najarian is long GS; Jon Najarian is long JPM; Jon Najarian is long PCLN; Jon Najarian is long KORS CALL SPREAD; Jon Najarian is long CZR; Jon Najarian is long CHRW; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long MSFT; Karen Finerman is long GOOG; Karen Finerman is short SPY; Tim Seymour is long AAPL; Tim Seymour is long BAC; Tim Seymour is long INTC; Tim Seymour is long CSCO; Tim Seymour is long SBUX.
