While Apple may see choppy trading in the near term, the stock should snap back in 2013, says one analyst.
"Take a look at the fundamentals. Let's not get stuck in the data points coming in right now, from the fundamentals. It's still the leading smartphone vendor and there is still is strong growth in the category," Abhey Lamba, Mizuho Securities analyst, told CNBC's "Squawk on the Street" on Friday.
He attributed much of the negative sentiment around the stock to supply chain checks showing orders being cut for the December and March quarters.
But Lamba said taking a step back, the iPhone remains one of the leading phones out there and the iPad is still the leading tablet in the market. The iPad Mini may be eating into some sales of higher-end iPads, but Lamba said there's still momentum for the whole tablet category.