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With Apple Inc.'s (NASDAQ:AAPL) recent underperformance, the panel on CNBC's "Fast Money Halftime Report" on Friday discussed possible outlooks.

Short-Term Catalyst:Although Apple has traded sideways recently, its Worldwide Developers Conference could be the catalyst that takes the stock higher, Market Rebellion co-founder Pete Najarian told CNBC.

Apple's margins, earnings and free cash flow are all increasing, he said, adding that after its recent pause, the stock seems primed for another move to the upside.

Najarian bought Apple call options this week after seeing a spike in call buying activity.

Apple is scheduled to have its Worldwide Developers Conference on June 7.

Long-Term Outlook:Cerity Partners' Jim Lebenthal has a longer-term outlook on Apple.

Apple has grown at a 40% compound annual growth rate over the last five years, Lebenthal told CNBC.

The stock has been "stuck in the mud" for the last nine months, he said, adding that he expects the stock to trend higher after it announces another blowout earnings report during the next earnings season.

Apple is buying back shares while the stock sits at depressed levels, which will benefit the company's earnings power, he noted.

Over the next one to three years, the stock will trade much higher, Lebenthal said, adding he expects the stock to trade at $150 per share by the end of 2021.

AAPL Price Action:Apple has traded as high as $145.09 and as low as $80.19 over a 52-week period. It is down 5.31% year-to-date.

At last check Friday at publication, the stock was up 1.90% at $125.89.