Apple's performance in China bodes well for its stock to tear higher, CNBC "Fast Money" traders said Monday.
Apple shipped 14.5 million iPhones in China in the first quarter, tops among all smartphone vendors in that span, according to market research firm IDC. Though China's smartphone market contracted 4 percent year-over-year, the country holds great growth potential for Apple, said trader Pete Najarian.
"I think they've just started to scratch the surface," Najarian said.
Apple stock fell 1 percent to about $126 per share on Monday. Despite the slip, shares have climbed 14 percent higher this year.
The stock could shoot to $140 per share "sooner than later," said trader Steve Grasso. Trader Dan Nathan agreed that Apple will move higher, saying investors should hold on to the stock.
China Mobile—which sells iPhones—will continue to reap benefits from Apple's growth in China, trader Tim Seymour added.
U.S.-listed shares of China Mobile shed more than 2 percent Monday.
Tim Seymour is long T, BAC, C, DIS, F, GE, GM, GOOGL, INTC, KO and SUNE. Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX and YHOO.
Long AMAT, AAPL, BABA, BAC, BMY, BP, CSX, DISCA, FOXA, GE, KKR, KO, LLY, MBLY, MRK, PEP and PFE. He is long calls AA, AAL, BBY, BK, CBS, COP, CSX, DB, EJ, F, FL, GE, GS, HSBC, HZNP, IMAX, KO, KSS, LEN, MAC, MYL, NEE, NTAP, NUAN, OC, PFE, SYY, TEVA, TSX, UAL, UUP, VALE, VMW, VZ, XLF, XOM and ZIOP. He bought VMW calls today.
Dan Nathan is long GOOGL June call fly, DDD Aug Calls, TWTR, WMT June call spread, BBRY June calls, QQQ May 108/ 98 put spread, IWM May put fly, XLP May put spread, XLY May puts, LULU May puts and INTC May /July put spread.
Steve Grasso is long AAPL, BAC, BTU, DD, EVGN, MJNA, PFE, T, TWTR and GDX. His firm is long TWTR, AMZN, MCD, FCX, NEM, OXY, RIG, NE, TSE and VALE. His kids own EFG, EFA, EWJ, IJR and SPY.