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Apple suppliers have been moving in tandem with Apple the past few days, and with Apple's recent rout, one analyst thinks now's the time to snap some of them up.
Apple entered into correction territory earlier this week after breaking its 200-day moving average. However, on Wednesday it reversed its losing streak, closing nearly 0.7 percent higher. Names such as Advanced Micro Devices, Jabil Circuit and also closed higher Wednesday.
Romit Shah, senior analyst at Nomura Securities, believes the recent weakness in Apple, and its suppliers, is short term. He thinks it was due to the fact that this is a transitional quarter, with the iPhone 6S expected to be released in the fall.
"The iPhone install base—only a third is converted over to iPhone 6. That's very supportive of the view that come the fall a lot of these suppliers are going to see a very strong channel build," Shah said in an interview with CNBC's "Closing Bell " Wednesday.
"Usually when you get into the fall and winter months, that's when units start to accelerate and suppliers start to see a pickup."
His top supplier pick is Avago Technologies, which he said has seen its content in the iPhone increase with every successive generation. He believes that will be the case again with the iPhone 6S.
"It trades at a very low multiple, 10 times earnings," Shah said. "This is a stock that is down about 15 percent in the past few weeks. We think this is a great opportunity."
He also believes there is a good chance Apple will incorporate technology from Analog Devices into the phone for the first time, which he doesn't think is baked into Wall Street's expectations for the company's upcoming earnings report.
—CNBC's Crystal Lau contributed to this report.
Disclosures: The Nomura Group had an investment banking services client relationship with the Avago during the past 12 months. The Nomura Group expects to receive or intends to seek compensation for investment banking services from Avago in the next three months.