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Apple shares moved into correction territory on Monday, falling 11 percent from its recent high of $132.97 on July 20.
BTIG analyst Walter Piecyk said Apple can shake off the dip if it can increase its earnings next year.
"If you believe that they can grow earnings 8 to 10 percent in the next fiscal year, then the stock should be trading a lot higher," he said on CNBC's "Squawk Alley. "
Piecyk said the stock has stalled mostly on concerns about whether Apple can grow off the massive December quarter that came with the launch of the iPhone 6 and 6 Plus. "Now we're in the trough period before we get any early indications of how many phones they are actually going to make and what type of improvements they're going to have in the latest iteration of the product," he said.
Most iPhone users have not yet transitioned to the 6, he said, which means there is yet "an opportunity to grow those numbers."
Piecyk also said revenue decline from China was more moderate this year compared with the previous year. "Given the popularity of the product, the demand for it and the fact that there are a lot of customers still on legacy products in the U.S. or around the world, I don't think it's something that's going to prevent the company from growing their units," he said.
Disclosures: Neither the analyst nor his firm owns shares of Apple.
Correction: This article has been updated to reflect Apple's recent high was on July 20.