While concerns over global growth may have recently weighed on Apple's stock, it was fears over its watch that sent the tech giant tumbling Monday, analyst Gene Munster said. However, he's confident the company's wearable won't be a flop.
Apple fell about 2.4 percent to $118 a share Monday, below its 200-day moving average and in correction territory from recent highs.
Recent research notes and articles have pointed out weakness in Apple Watch demand. On Monday, The Wall Street Journal reported that a subsidiary of one of the watch's suppliers, Advanced Semiconductor Engineering, didn't reach its break-even volume of 2 million units per month in the second quarter. It also said it didn't expect to hit that level during the third quarter.
"We're believers the watch will prove to be a success." Munster said in an interview with CNBC's "Closing Bell."
"It takes friction out of your mobile experience … By having it on your wrist, it makes it easier to access information, whether it's payments, whether it's access to a hotel rooms, whether it's flight information, boarding passes."