What could hurt Apple’s stock price

Although shares of Apple are likely to head higher, formidable challenges await, Colin Gillis of BGC Financial said Monday.

"I like the buyback. I like to own this in front of the product refresh cycle. But the dynamics of the industry are changing," he said, holding up his new smartphone. "This is a Nokia Lumia 521. I bought it off Amazon for $130 unsubsidized."

On CNBC's "Fast Money," he explained why he had bought a Nokia handset.

"The point is, I wanted a stopgap phone for a couple of months until I could get my Moto X or I could get the new iPhone," Gillis added.

Gillis, who had a price target of $500 per share on Apple and a "buy" rating, noted that the smartphone market would see sales of "close to a billion," while approximately 200 million tablets would be sold.

"It's all about the iPhone," he added.

Apple, which is expected to unveil new products Sept. 10, would probably not roll out an Apple iTV, Gillis said, noting the Google Chromecast.

(Read more: Google Chromecast sells out)

"That really hurts the case for an iTV," he added. "Why have $4,000 slab of glass on your screen, when you can just Chromecast across to your TV? They beat Apple to the punch.

"All it does, Google is collecting that much more data on me. They are a far way away from monetizing the third screen, which is TV."

OptionMonster's Pete Najarian said he remained bullish on Apple stock, not taking a guess what new products Apple would release next month.

"I'm not really sure, but I rolled out of the 460 calls in August today, rolled up to the 500 in September," he said. "The reason I did that was, I was looking for areas where I'm seeing the most unusual activity. Looked like there was a fair amount of activity to the upside, the 500 strike was very active."

(Read more: What's BlackBerry worth, anyway?)

Stuart Frankel's Steve Grasso wasn't a buyer of Apple stock at current levels.

"I think it's a little long in the tooth," he said, noting that the stock was trading below its 200-day moving average of $471. (Apple shares closed at $467.36, up 2.84 percent.)

"Great spot to take a stall, take a breather in the name, and you've seen money coming out of Google, into Apple and Facebook," he added.

(Read more: Top back-from-the-dead stocks)

Tim Seymour of EmergingMoney.com was bearish, adding that he was focused on what Apple wasn't doing in emerging markets.

"Right now, it looks tired," he said.

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

CNBC's Michael Newberg contributed research to this report. Follow him on Twitter: @MikeNewberg.

Trader disclosure: On Aug. 12, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Steve Grasso is funds long CCL; Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long BBRY; Steve Grasso is long GDX; Steve Grasso is long GOOG; Steve Grasso is long HERO; Steve Grasso is long HPQ; Steve Grasso is long MHY; Steve Grasso is long LNG; Steve Grasso is long MJNA; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long QCOM; Steve Grasso is long S; Steve Grasso is long ASTM; Steve Grasso is long POT; Steve Grasso is long DECK; Tim Seymour is long BAC; Tim Seymour is long CAT; Tim Seymour is long SBUX; Tim Seymour is long FCX; Pete Najarian is long AAPL; Pete Najarian is long BAC; Pete Najarian is long C; Pete Najarian is long BBRY; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long DAL; Pete Najarian is long BMY; Pete Najarian is long MU; Pete Najarian is long COP; Pete Najarian is long NSC; Pete Najarian is long KRE; Pete Najarian is long PFE; Pete Najarian is long MRK; Pete Najarian is long LLY; Pete Najarian is long BMY; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long TGT; Karen Finerman is long GOOG; Karen Finerman is long M; Karen Finerman is long JCP; Karen Finerman is long CXW; Karen Finerman is long SPY; Karen Finerman is long MDY PUTS.