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.
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.