Outsize expectations and concerns over iPhone sales may have pummeled Apple's stock recently, but investors shouldn't necessarily count the tech giant out, Apple shareholder Doug MacKay said Wednesday.
"Companies go through phases where the expectations get out of hand but the growth trajectory remains intact," the president and chief investment officer of Broadleaf Partners said in an interview with CNBC's "Power Lunch."
"I see nothing on the horizon that would suggest that Apple's story's over."
Apple broke its 200-day moving average earlier this week, entering into correction territory. On Wednesday, it reversed its losing streak, closing nearly 0.7 percent higher.
Earlier in the day, Bank of America Merrill Lynch downgraded shares of Apple to a "hold" from a "buy," largely because of a projected deceleration in iPhone sales.
"Apple has been growing at 30 percent, and the question has been, well, what happens when the iPhone 6S comes out? Can Apple ultimately still grow in the calendar fourth quarter this year and in next year?" said Toni Sacconaghi, senior research analyst at Sanford C. Bernstein.
Plus, there is concern over weakness in China, which is 25 percent of Apple's revenue.
"As we get closer to that quarter of reckoning, which is the December quarter, investors are getting jittery given the Chinese backdrop, in particular about whether Apple can really grow iPhone sales."
He has an "overweight" rating and a $142 price target on the stock.
—CNBC's Giovanny Moreano contributed to this report.
Disclosures: Doug MacKay owns shares of AAPL. Toni Sacconaghi's positions in AAPL were unavailable.