Apple share prices continued their skid in premarket trading Wednesday after the company just barely beat earnings expectations, but Welch Capital Partners' Dan Ernst said investors should remember that the business is growing.
"This is a well-run company with a fantastic management team. They're returning cash to shareholders, growing earnings. They have product acceleration. I see nothing but runway for the company and for the stock, which is why we own it," Ernst told CNBC's "Squawk Box."
He noted that Apple's earnings are growing about 40 percent year over year and its stock trades at 12 times forward earnings, while S&P 500 earnings might grow by 7 percent and trades at 16 times earnings.
On Tuesday, the company posted fiscal third-quarter earnings per share of $1.85 on revenue of $49.6 billion. Analysts expected Apple to report earnings of $1.81 a share on $49.43 billion in revenue, according to a consensus estimate from Thomson Reuters.
Ernst said he was not concerned about the iPhone's growing importance. Apple derived 63 percent of its revenue from its handset in the current quarter, up from 53 percent a year ago.
"Apple is the only large tech company that I can think of that has so many organically introduced product categories that they're so large that they have to be broken out by SEC law," he said.
"People always complain about Google and Facebook and Amazon, they don't break out enough information ... It's not [that] Apple does that because they feel nice about it. They want to give us more information. They actually have to."
Chris Caso, Susquehanna Financial Group senior analyst, called Apple's stock drop "an expectations problem, not a problem with the numbers themselves."
"They analysts got it wrong," he told "Squawk Box" on Wednesday.
Investors have been asking themselves, "Is this as good as it gets?" since Apple stock hit a new all-time high, he said. (It has since hit new highs.) Those buying the stock on the dip are making a bet that Apple can continue to grow revenue as the iPhone 6 hits its two year anniversary.
Apple noted just 27 percent of existing iPhone owners have bought an iPhone 6.
"That's still a pretty big base of iPhone users that haven't upgraded yet," Caso said. "You've got roughly 75 percent of users still on the smaller screen size. How many of those users that don't have their upgrade yet want to get the bigger phone?"
He also noted that Apple more than doubled handset sales in China, proving wrong those who said the company needed to launch a cheaper model in emerging markets.
Greater China revenue for the quarter came in at $13.23 billion, compared with $6.23 billion in the year-ago period.
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Toni Sacconaghi, top-rated Apple analyst at Sanford Bernstein, said bearish investors would be more confident that iPhones sales could extend their streak into the next fiscal year if third-quarter figures had come in higher.
"I think the results are still a little bit inconclusive," he told CNBC's "Squawk on the Street." "That's really the central debate in the stock and the numbers weren't really powerful enough either way last night to resolve that debate."
—CNBC's Everett Rosenfeld contributed to this story.
Disclosure: Neither the analysts nor their families own shares of Apple. Welch Capital Partners does not own greater than a 1 percent share of the stock, and does not provide investment banking services to Apple. Susquehanna owns greater than a 1 percent share and makes a market in the securities.