While the bearish sentiment around Apple has grown significantly, investors should remain positive on the tech giant's stock as iPhone sales could grow next year for several reasons, Toni Sacconaghi of Sanford C. Bernstein said Monday.
"We've done some income growth analysis in China and basically, what we've found is that ... the iPhone, at its current price, would be affordable to twice as many people in China in 2019 than it would have been in 2012," the tech analyst said in an interview with CNBC's "Squawk Alley."
Apple shares took a hit after its fiscal third-quarter earnings report showed that iPhone sales barely exceeded Wall Street's estimates, leading investors to believe that a slowdown in shipments of the smartphone could be near. The tech giant's stock has dropped more than 8 percent since the July 21 report was released.
Another reason why Sacconaghi believes iPhone sales could keep growing is because the company can take even more market share from its competitors, he said.
"We believe that the installed base of high-end Samsung Galaxy phones … is almost 300 million units, so there's still ample opportunity moving forward," he added.
Sacconaghi also said in a Monday note the installed base for Blackberry is about 30 million units. "If Apple can capture 5 percent of just these installed bases to migrate per year, that would amount to over 16 million iPhones, or about 7 percent of Apple's annual sales today."
Nevertheless, Saconnaghi is not the only analyst with a bullish view on iPhone sales.
Last week, Morgan Stanley analyst Katy Huberty said in a note that she too believes iPhone sales can grow next fiscal year, citing "continued upgrades of the installed base and the compelling value proposition of a discounted iPhone 6/+."
Dan Ives, an analyst at FBR Capital Markets, said in another note:
"We are seeing the forest through the trees, as we believe the unrivaled fundamental strength behind the company's iPhone 6 product cycle (less than 30 percent of customers have upgraded to date), a massive greenfield China market opportunity and a host of growing new products/services (e.g., Apple Music, streaming TV possible later this fall, Apple Pay) are setting the stage for the company's next leg of growth in FY16/FY17."
Apple shares were up more than 3 percent Monday afternoon.
Disclosures: Morgan Stanley owns 1 percent or more in Apple stock. FBR Capital Markets makes a market for Apple.