"I think the Street will be unimpressed with the sales of the [watch]," he said in an interview with "Closing Bell."
"I'd be happy to be surprised."
Apple was downgraded Thursday by Mizuho Securities to "neutral" from "buy." In a note, its analyst said shares could drop 20 percent as iPhone sales slow in the second half of this year, with sales of the new Apple Watch failing to offset the decline.
While Najarian thinks there is a lot of "squishiness" in the stock because of what he thinks will be a soft introduction of the watch, he said he would be a lot more interested in Apple if the stock broke $100 a share.