Misek raised his price target by $100 per share.
“We think the Street numbers are too low, so we’re sending a message that we think Street’s going to go higher and we think the stock’s going to go higher as a result,” he added.
Apple shares climbed 2.9 percent to close at $568.10.
Misek estimated a Septmeber announcement of an iPhone 5 and a fourth-quarter launch for Apple TV, which he expects to be a branded flat-panel TV.
Intel recently announced that it would develop a TV box to deliver video content, a move Misek saw as recognition of a multiplatform, multidevice future.
“If you’re not enabling that, you’re getting knocked out of the market,” he said.
As for a dividend, Misek said it was likely in the second half of 2012.
Apple was on track to hit $140 billion in cash on their books by the end of the year.
“That’s a ridiculous amount of money. It starts to become a bit of a risk for them. They’re going to have to distribute it,” he said.
Trader Stephen Weiss said that the stock was still cheap in valuation terms.
“I think you’ve got to own it,” he said.
Got something to to say? Email email@example.com and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment, but not have it published online, email firstname.lastname@example.org.
Trader disclosure: On March 13, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Weiss is short JCP; Weiss is long VZ; Weiss is long QCOM; Weiss is long JPM; Weiss is long EUO; Weiss is long TBF; Weiss is long HAIN; Weiss is long SNDK; Weiss is long BRCM; Weiss is long NFLX (PUTS); Weiss is long CSC; Weiss is long BKU; Weiss is short MT; Weiss is short ANR; Weiss is short FCX; Weiss is short FXA; Najarian is long AAPL call spreads; Najarian is long GS call spreads; Najarian is long JOYG call spreads; Najarian is long RIG call spreads; Najarian is long LULU call spreads; Najarian is long RL call spreads; Najarian is long MSFT call spreads; Najarian is long UBS call spreads; Najarian is long WDC call spreads; Brown is long AAPL; Brown is long QQQ; Brown is long JPM; Brown is long LULU;
For Jim Iuorio
Iuorio is long (XLV)
For Peter Misek
Jefferies & Company, Inc makes a market in the securities or ADRs of Apple Inc.
Jefferies & Company, Inc makes a market in the securities or ADRs of Amazon.com, Inc.
Jefferies & Company, Inc makes a market in the securities or ADRs of Google, Inc.
For Rebecca Patterson
For Vijay Rakesh
(INTC) Sterne Agee & Leach, Inc. expects to receive or intends to seek compensation for investment banking services from the subject company in the next three months. Sterne, Agee & Leach, Inc.’s research analysts receive compensation that is based upon various factors, including Sterne, Agee & Leach, Inc.’s total revenues, a portion of which is generated by investment banking activities.