Apple shares have lost about $40 billion in the past month, but the stock recovered slightly Wednesday and is currently down 10 percent from the all-time high of $119.75 on Nov. 25.
That doesn't discourage BTIG managing director Walter Piecyk. He told CNBC's "Squawk on the Street" that the launch of the Apple Watch as a new product category could help the company turn things around.
Read More Apple Watch launch expected in late March
"If they can deliver on the watch, which really isn't until the June quarter numbers, that could be another catalyst for the stock going forward," Piecyk said.
Piecyk added that the landscape is becoming more welcoming for the iPhone as Verizon considers a higher upgrade rate and T-Mobile reported strong subscriber growth Wednesday. "These are very strong trends for a big iPhone sub-quarter that can actually roll into the March quarter as well," he continued.
"You are talking about a major company generating $200 billion in revenue and able to grow earnings by 20 percent,
he said. "That seems like an attractive stock to buy at a 14 multiple."