NEW YORK (TheStreet) -- The Dow Jones Industrial Average and S&P 500 both closed at record highs Monday, but investors continue to focus on Apple (AAPL). In an open letter to CEO Tim Cook, famed-investor Carl Icahn asked for an increase in share buybacks, ultimately saying the stock is worth $240, based on earnings per share of $12 in 2016.
Apple's valuation is reasonable, said Tim Seymour, managing partner of Triogem Asset Management. Speaking on CNBC's "Fast Money" TV show, he said Icahn is focusing more on the long-term, with opportunities in television and automobiles, even though these are not current businesses for the company.
However, investors should stay focused on the near-term, because there's no telling what will happen in the long-term, said Pete Najarian, co-founder of optionmonster.com and trademonster.com.
Earlier on CNBC's "Fast Money Halftime" show, Najarian pointed to the current iPhone upgrade cycle having plenty of room left for further growth, as well as opportunities in Asia. He stuck by those comments, adding that "there's still plenty of runway right now." He also likes Apple part suppliers like Avago Technologies (AVGO) and Skyworks Solutions (SWKS).
If she were CEO of Apple, Karen Finerman, president of Metropolitan Capital Advisors, says she wouldn't "hop right to it" when it comes to increasing the capital return plans. Apple already boosted its buyback and dividend in April, while Cook has done a great job at the helm.