Apple shares are down 11 percent since July 20, shaving about $100 billion off its market cap.
But Andrew Slimmon, senior portfolio manager at Morgan Stanley Wealth Management, tells CNBC's "Power Lunch" on Friday investors shouldn't panic and dump the stock.
"I do not believe this is a repeat of 2012, but I do think the stock could weaken near-term as those who forgot on the upside that this was a product cycle company have to come to their senses and that could scare some investors out of it," Slimmon said.
Slimmon stills owns Apple in his portfolios, but it's not one of his most important positions.
Looking forward, Slimmon believes the stock could move higher.
"Only 27 percent of iPhone users have migrated to the iPhone 6. That's very bullish. That means as they roll out modifications to the iPhone 6 or come out with the iPhone 7, people will migrate to it," Slimmon said.
Apple is little changed during trading, but is down 5 percent for the week.