Apple continued its downward spiral Tuesday, but at least one analyst sees the company's recent rout as a buying opportunity.
The tech giant's stock is in correction territory after dropping below its 200-day moving average Monday.
While many investors have concerns about tough comparisons between the upcoming fourth quarter and last year's fourth quarter, Robert W. Baird analyst Will Power said he thinks iPhone sales will be a catalyst that pushes shares higher.
"The company had an enormous iPhone shipment quarter in that quarter a year ago and I think there are questions and concerns as to whether they can really beat that. We think they can and as a result, combined with other factors, we like the stock here on this weakness," Power said Tuesday in an interview with CNBC's "Squawk Alley."
Apple is expected to release its iPhone 6S this fall.
While "S" cycles tend to be more evolutionary than revolutionary, the company's shares often perform fairly well the month leading into it, added Power, who has an "outperform" rating on the stock. Couple that with rumors about Apple TV and other opportunities in 2016, and he said he likes the setup heading into next year.