"I'm actually surprised how well the stock has held up considering how much money the company is investing," Blodget added.
(Read More: Amazon Swings 'A Knee-Jerk Reaction': Kessler)
Meanwhile, Apple's stock price is "reasonable," he said. "They should be in good shape going forward, but the margin is a risk.
Blodget noted that Apple is starting to penetrate areas of the world that are less affluent than the United States, such as India and China, which could challenge margins.
(Read More: 'A Few Cracks to Worry About' in Apple: Gillis)
In response to a question by Stuart Frankel's Steve Grasso about what level would make Apple a value trap, Blodget avoided pessimism.
"The stock could fall a lot before it goes there," he said.
Trader disclosure: On Oct. 26, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is long call spreads in JPM; Jon Najarian is long call spreads in GLD; Jon Najarian is long call spreads in FB; Jon Najarian is long call spreads in AMZN; Jon Najarian is long call spreads in ACI; Jon Najarian is long call spreads in SLV; Jon Najarian is long call spreads in KMX; Jon Najarian is long GLUU; Jon Najarian is long STSI; Jon Najarian is long CME; Jon Najarian is long CBOE; Pete Najarian is long AAPL; Pete Najarian is long C; Pete Najarian is long SBUX; Pete Najarian is long INTC; Pete Najarian is long FB; Pete Najarian is long MSFT; 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; Steve Grasso is long ACI; Steve Grasso is long AET; Steve Grasso is long ASTM; Steve Grasso is long AUO; Steve Grasso is long BA; Steve Grasso is long BTU; Steve Grasso is long CLF; Steve Grasso is long F; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long P; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is long WYNN; Ryan Jacob is long AAPL; Ryan Jacob is long GOOG; Ryan Jacob is long YHOO.
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