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Roger McNamee: There's concern about Apple, but ...

While Apple's most-recent quarterly figures combined with the actions taken by the People's Bank of China should concern investors, Elevation Partners co-founder Roger McNamee said Monday the stock remains a very attractive buy.

"...No matter what you have, Apple's going to be an enormously profitable business and it's trading at a very reasonable multiple compared to the S&P 500. McNamee said in a CNBC "Squawk Alley" interview.

McNamee made his remarks after the Chinese central bank unexpectedly devalued its currency, the yuan, by nearly 2 percent.

The bank's move sent U.S. equities into negative territory, with most of the Dow Jones industrial average falling, and Apple being the greatest laggard.

Read More Currency war? How China devaluation may impact Fed

Nevertheless, McNamee added the tech giant's shares will come back.

"To me, the emotion that is driving the stock right now is understandable, but at some point people are going to look at the fundamentals and say, 'Wait a minute, this is a value stock,' " he said.

Roger McNamee
David A. Grogan | CNBC
Roger McNamee

McNamee also addressed UBS' latest outlook on Apple, saying it's "too early to write it off completely."

"It's also completely inappropriate to look at this as a financial issue. The one thing that we have seen is the watch has had a huge impact in the watch market. There's been an 11 percent decline in revenues in the U.S. watch market," he said.

The Swiss bank said it had lowered its forecast on the watch because "interest is lower than for earlier Apple products as well as many consumer electronic launches."

UBS also cited competition from Fitbit as a headwind for Apple Watch sales. "...In the U.S., where Fitbit recorded 78 percent of its 2Q sales, Apple Watch search interest has been 45 percent lower than Fitbit over the past four weeks."