(Watch Video: Gundlach on Apple: 'I'm Not Positive or Negative')
Gundlach also noted a sort of market overreaction with Apple.
"It just one of these stocks that was so revered, therefore over-owned in the summer of last year, and then it becomes sort of this reviled sort of stock, which I don't think is right, either," he said.
(Read More: Leon Cooperman's Winning Apple Stock Play)
"All of the fundamentals that people talk about now as being a reason why Apple may not have the growth they had in the past, all of those fundamentals were crystal-clear a year ago. It's just an amazing study in market psychology."
Gundlach said Apple would hit $500 per share, calling it a "fairly easy place" for it to reach after its climb to $705 in September and subsequent drop to the $380 level in April.
(Read More: Apple Stock Valuation 'Crazy': Ex-CEO Sculley)
"It just seems to me to be too cheap vs. a lot of other stocks, given their cash-flow engine that they have," he said. I'm not so sure that we're ever, ever going to see $700 again in Apple, at least in the context of markets where they are today."
Trader disclosure: On June 4, 2013, 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 SJM; Joe Terranova is long AAPL; Joe Terranova is long SPLK; Joe Terranova is long GLD; Joe Terranova is long TBT; Joe Terranova is long SWN; Joe Terranova is long GOOG, $870 PUTS; Joe Terranova is long GS, $165 PUTS; Steve Weiss is long LCC; Steve Weiss is long BAC; Steve Weiss is long C; Steve Weiss is long F; Simon Baker is long AAPL; Simon Baker is long C; Simon Baker is long CSCO; Simon Baker is long YHOO; Simon Baker is long FB; Simon Baker is long GOOG; Simon Baker is long EBAY; Simon Baker is long PCLN; Simon Baker is long GM; Simon Baker is long VIAB; Josh Brown is long AAPL; Josh Brown is long DD.