Apple stock is up more than 13 percent year to date. However, it is down about 3 percent in the last five days of trading, despite reporting a blockbuster quarter on Tuesday.
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Feinseth noted that Apple usually sells off after earnings, and could always opt to increase the amount of cash it returns to shareholders if the stock were to pull back even more.
As for the reported defect's not being mentioned on the earnings call, Feinseth said he was unconcerned. The Cupertino, California-based company may not have known about the defect at the time, he said, plus it is very "customer friendly."
Meanwhile, Apple warned on Wednesday that a probe by the European Commission into its tax arrangement with Ireland could have a "material" impact if the investigation determined Dublin's tax policies represented unfair state aid.
Read More Apple warns of 'material' financial damage from European tax probe
The EU last June began a formal investigation into Ireland's allegedly illegal state aid to Apple. If the outcome is against Ireland, Apple said it could be required to pay taxes for up to 10 years.
Feinseth said that even if Apple had to pay additional taxes, the company could "offset that with a reduction in tax liability in the U.S. So there would be some cushion to it and they have plenty of cash to pay almost any type of tax penalty."
—Reuters contributed to this report.
Disclosure: Tigress Asset Management owns shares of AAPL on behalf of clients it manages.