Since late September in the wake of the launch of the iPhone 5, Apple's stock plummeted by 25 percent, dipping to $505 last week.
White — who a few weeks ago put a $1,111 price target n the stock — said "fiscal cliff" concerns are part of the reason for Apple's woes. Still, he argues the selloff has gotten overdone.
Amid widening concerns of a "profit recession," the analyst said Apple's cash-rich balance sheet would insulate the company from that problem.
"If you are worried about a recession, Apple is a better way to play it, especially at this valuation," White said.
After having received feedback on a research note rom a friend based in China, who recommended that investors short the company's stock, White said he became convinced the worst is likely in the rear-view mirror.
"When it's out to people in China that they should be short Apple, it's over," White said. "The bottom is in, and that's the way I feel about it."
—By CNBC.com's Javier E. David
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Brian White owns no Apple stock, and his firm has no investment banking or other conflicts with the company.