NEW YORK (TheStreet) -- The S&P 500 closed at another record high on Monday. On CNBC's "Fast Money" TV show, Gene Munster, managing director at Piper Jaffray, was a guest on the show. He has a buy rating on Apple (AAPL) with a $730 price target.
Munster says the stock seems poised to move higher following its WWDC event, where Apple unveiled new applications and a new software, iOS8. The company is building out the platforms to draw consumers in, he said, and can focus on monetizing them through future products at a later time.
He suggested that new products seem likely to be debuted or unveiled in September. He said an iWatch device could boost revenue by 5%. It's good to see the company focused on building out new services, he concluded.
Tim Seymour, managing partner of Triogem Asset Management, said Apple seems likely to release its new iPhone this September. He argued the stock is under-owned by large institutions.
Guy Adami, managing director of stockmonster.com, pointed out the bearish reversal in the stock price on Friday, but reasoned that shares are on the way to $700.Anthony Scaramucci, founder and co-managing partner of SkyBridge Capital, said the stock has a low valuation and will be bought by large fund managers over the next several quarters. Pete Najarian, co-founder of optionmonster.com and trademonster.com, reminded investors that the WWDC event is about software, not hardware. He added Apple continues to build out its ecosystem. Dennis Gartman, publisher and editor and The Gartman Letter, said the economy in China continues to gain steam and it seems unlikely that trend will reverse any time soon. However, instead of buying Chinese equities, he is a buyer of Australia, New Zealand and the Australian dollar since the two countries are big suppliers to China and should benefit from continued expansion. He is no longer long coal. Adami said Alcoa (AA) still continues to work on the long side. He is also a buyer of Boeing (BA) near $120. Seymour said investors should look for a breakout in Japanese equities.
Najarian pointed out the bullish call buying activity in the WisdomTree India Earnings ETF (EPI) ahead of that country's central bank meeting.