Apple Bear Doug Kass Turns Bullish on Stock

The market might have over-corrected Apple's share price, making the stock a real opportunity, Doug Kass of Seabreeze Partners said Monday on CNBC.

"It's no longer overowned. There's no longer extreme investor ebullience. It is an iconic company with a fortress balance sheet, with core earnings of close to $50 a share that I can buy at net of cash in 2015, six-and-a-half times earnings," he said on "Fast Money."

Kass, who had been bearish on Apple stock, turned bullish at its current level.

Read More: Doug Kass Buying These Stocks Now (Not Apple)

Around $540 per share, the market was estimating a growth rate of about 3 percent per year, a level Kass said was far too low.

By 2015, he said, the company would hold about $260 a share in cash and no debt.

While the company still faced challenges, Kass said CEO Tim Cook would still have to prove himself.

"But I don't think you're paying for it much anymore, and there were no concerns 45 days ago," he added.

Joe Terranova of Virtus Investment Partners wasn't a buyer — yet.

Read More: 'Beginning of a Bull Market' for Apple: Porter Bibb

"I think a lot of Apple's fate is now tied to these options expirations that you have on a monthly basis," he said. "I'm hesitant to pull the trigger because of option expiration on Friday and the belief it's going to slide more. By waiting I've actually done myself a favor, and I want to wait and see what happens on the other side of options expiration, but I'm obviously very close to doing it."

Terranova also noted the company's cash.

"The tremendous amount of cash that they have on their balance sheet, to me, that acts as a put underneath the market," he said. "If they wanted to do a significant buy-back, just think about where Apple would be on the other side of that."

Trader disclosure: On Nov. 12, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Joe Terranova is long VRTS; Joe Terranova is long SBUX; Joe Terranova is long SWN; Joe Terranova is long VZ; Joe Terranova is long XOM; Joe Terranova is long CVX; Joe Terranova is long GS; 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; Pete Najarian is long AAPL; Pete Najarian is long INTC CALLS; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long DIS; Pete Najarian is long LLY; Jon Najarian is long AAPL CALL SPREADS; Jon Najarian is long FB CALL SPREADS; Jon Najarian is long GS CALL SPREADS; Jon Najarian is long WMT CALL SPREADS; Jon Najarian is long SPY CALL SPREADS; Jon Najarian is long NFLX CALL SPREADS; Jon Najarian is long CBOE; Jon Najarian is long CME; Jon Najarian is long STSI; Jon Najarian is long GLUU; Jon Najarian is short puts in AGQ; Jon Najarian is short puts in GLD; Jon Najarian is short puts in SLV.

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