"Back in March, Apple lowered the price of iPhone 4 in emerging markets. We would not be surprised if Apple does that with iPhone 4s in six months, potentially bringing an iPhone 5c with an 8-gig capacity point and probably a $450 price point into the market."
Huberty said that sales of the new iPhone will come from carrier distribution, "but in six months' time I think we'll see more aggressive pricing out of Apple."
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While the lack of an agreement between Apple and China Mobile disappointed some, Huberty saw it differently.
"It would've been great to get the headline of China Mobile, but the reality is 70 percent of devices in China are not subsidized. People pay full price," she said.
"And so, the real gaping hole in Apple's portfolio in China has not been a distribution agreement with China Mobile. It's been technology compatibility of the iPhone with the TD-CDMA and the TD-LTE networks. You got that yesterday with iPhone 5c and iPhone 5s."
Huberty added that Apple could stand to gain 6 points of market share with the new network compatibility, "most of that share coming from Samsung."
— By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.
— CNBC's Katie Young contributed research to this report. Follow her on Twitter: @katiecnbc.
Trader disclosure: On Sept. 11, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is long AAPL; Jon Najarian is long BAC; Jon Najarian is long CSCO; Jon Najarian is long YHOO; Jon Najarian is long RL; Jon Najarian is long GRPN; Jon Najarian is long NUAN; Jon Najarian is long BIDU; Jon Najarian is long IBM; Jon Najarian is long AMAT; Jon Najarian is long SYK; Jon Najarian is long COP; Jon Najarian is long CERN; Jon Najarian is long FIO; Jon Najarian is long RKUS; Jon Najarian is long SVU; Stephen Weiss is long BAC; Stephen Weiss is long C; Stephen Weiss is long FB; Stephen Weiss is long M; Stephen Weiss is long TGT; Stephen Weiss is long QCOM; Stephen Weiss is long SODA; Pete Najarian is long AAPL; Pete Najarian is long C; Pete Najarian is long INTC; Pete Najarian is long MSFT; Pete Najarian is long BBRY; Pete Najarian is long SBUX; Pete Najarian is long FB; Joe Terranova is long VRTS; Joe Terranova is long MS; Joe Terranova is long GS; Joe Terranova is long LTD; Joe Terranova is long SBUX; Joe Terranova is long OXY; Joe Terranova is long HOS; Joe Terranova is long HAL; Joe Terranova is long APC; Joe Terranova is long DANW; Joe Terranova is long EOG; Joe Terranova is long CXO; Joe Terranova is long PXD; Joe Terranova is long TRIP; Joe Terranova is short XBI.