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.
Guy Adami, managing director of stockmonster.com, had more stinging remarks, saying that Icahn should worry more about his company, Icahn Enterprises (IEP), which is down 7.3% in the past year, compared to Apple, which is up over 50% in the same time.
As for Apple, Adami explained that the stock has been consolidating for the past few months and is getting ready to trade higher. Most investors would be better off buying the stock and holding on for the long-term, rather than trying to trade it back and forth.
A $240 price target is somewhat "aggressive" for Apple, according to Toni Sacconaghi, senior research analyst at Sanford Bernstein. Instead, he has an outperform rating and $142 price target on the stock. However, he acknowledged that his views for catalysts are generally for less than 12 months into the future, whereas Icahn was looking as far as five years out.
Investors shouldn't bee too quick to start assuming new products from Apple either, Sacconaghi said. Investors had thought for years that Apple would introduce a TV, after launching Apple TV in 2007, but the product never came to fruition. So there may be risk for Icahn to look ahead to certain products that don't yet exist.
Sacconaghi says the biggest concern for investors over the next six to nine months is the iPhone. Since roughly 75% to 80% of Apple's profits are driven by the iPhone, a slowdown in sales could significantly impact the company.
GoPro has a strong brand name -- like Kleenex and Google (GOOGL) -- according to Najarian. The company has impressive gross margins, while its revenue growth is "absolutely incredible," he said. "I like this name, I think there's plenty of upside," he added.
"I don't like the stock at all," Seymour said, but acknowledged that shares appear to have more upside ahead in the short-term.
Speaking of Google, the company's idea to initiate a buy button could improve its revenue results. Finerman, who is long the stock, said she "likes it right here." If the company were to IPO today, it would garner a much higher valuation.
Seymour seconded her opinion, saying that there is little downside risk and plenty of upside reward. Adami added that Google has a low valuation, too.
For their final trades, Seymour is selling the iShares MSCI Turkey ETF (TUR) and Najarian is a buyer of Facebook (FB). Finerman is buying put options on the SPDR S&P 500 ETF (SPY) for portfolio protection and Adami said to buy Pandora (P).