What to Expect From Apple: Analyst

For its stock to perform once again, Apple needs to provide investors with some level of confidence in its future, BTIG analyst Walter Piecyk said Tuesday.

"I'm a little surprised by the lack of capital allocation," he said. "A lot of people were expecting something to happen in March, and when it didn't, then the fear started to creep in."

On CNBC's "Fast Money," Piecyk issued a "buy" rating for Apple on March 14 with a price target of $540 per share.

Piecyk said that the upgrade was based on a belief that Apple was en route to grow its earnings nominally.

"They've got all these people staring at these screens on their iPhones, and there's a lot of ways to monetize that, whether it's through payment systems or ecommerce," he said.

"I think the problem with Apple right now is people are just questioning whether they can ever return to growth, whether they had a peak earnings year last year that they'll never get back to. If you can just return some level of confidence that they can return to growth, then the stock will do very well, very quickly."

Piecyk took a balanced view of Apple's performance.

"What we're looking for is a bad March quarter, frankly, that's below where the consensus is now, even though you've had massive cuts continually. Every week, you've got a different cut," he said. "But more importantly, the June guide is the real risk here, and that June guide is going to be a down revenue quarter, perhaps earnings under 8. Consensus is still over 9 for earnings for the June quarter."

Trader disclosure: On April 9, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Brian Kelly is long TREASURIES; Brian Kelly is long GOLD; Brian Kelly is long SILVER; Brian Kelly is short SPX; Brian Kelly is short DAX; Brian Kelly is short CAC40; Brian Kelly is short COPPER; Steve Grasso is long AAPL; Steve Grasso is long ACI; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long GDX; Steve Grasso is long HPQ; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long PXD; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is funds long AAPL; Steve Grasso is funds long MSFT; Steve Grasso is funds long T; Steve Grasso is funds long HPQ; Steve Grasso is funds long ZNGA; Steve Grasso is funds long PG; Steve Grasso is funds long UAL; Dan Nathan is long GS MAY 145/135 PUT SPREAD; Dan Nathan is short XHB MAY 28/30 CALL SPREAD; Dan Nathan is long FB APR 26 WEEKLY PUTS; Dan Nathan is long MSFT APR 28 PUTS; Dan Nathan is long AMZN APR 240/200/160 PUT FLY; 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.