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.