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.