Investors have been taking money out of Apple and putting it in other big technology names like Google but Scott Kessler, head of technology equity research at S&P Capital IQ, said he still thinks Apple is a "strong buy."
S&P Capital IQ upgraded Apple stock in November ahead of the holiday shopping season.
"We thought that was being opportunistic," he said. "We were definitely early, but we like the stock here. We think the sentiment is way too negative. And we frankly think that they're going to do something from a capital allocation perspective sooner rather than later."