Apple bears may have knocked off roughly a quarter of the company's stock price since September, but R.W. Baird senior analyst Will Power still sees value in the beaten-up tech giant due to "very good" demand.
"We continue to like Apple," Power said Monday. "That's our top pick and, really, I guess our refrain has been the more things change, the more they stay the same. We like Apple on the weakness."
Power's research team has an "outperform" rating and a $750 price target on the company's shares. Since peaking in mid-September at $705 per share on optimism surrounding the iPhone 5 release, the company's shares have plummeted to about $521.
Despite the stock's dive, Power told CNBC's "Squawk on the Street" that he sees strong demand for Apple.
"The stock's been beaten up as we all know over the last couple of months, but all of our checks suggest that demand remains very good," he said. "Even the supply-chain side that our semiconductor team has come up with suggests that procurement numbers remain good, so we like the outlook here over the near and long term."
—By CNBC's Katie Little. Follow her on Twitter
Will Power does not own Apple shares.