Apple stock is a "buy" once again, Oracle Investment Research's chief market strategist, Laurence Balter, said Tuesday.
"For the last 12 months, we've seen tremendous negative bias toward Apple, that there's no innovation, that nothing new is coming out of the stream here," he said. "And the reality is that the 5s is a knockout."
On CNBC's "Fast Money," Balter said that the new top-of-the-line iPhone model, unveiled simultaneously with the lower-cost 5c, was a success.
"I think what they're proven is that Apple is a premium-product company that their customers want," he said. "Apple's got its mojo back."
Apple unveiled a new iPad Air and iPad mini with a Retina display on Tuesday.
Balter said that the next catalyst for the company's stock would be a TV product.
"I think it's going to happen when they're ready," he said. "I don't know when that is, but it certainly is going to be the game changer."
(Read more: Apple should tell Carl Icahn to 'stuff it': Blodget)
Stephen Weiss of Short Hills Capital agreed on the "buy" call.
"I think it's a stock worth owning," he said.