Analyst: We like Apple on this weakness

Analyst hopeful for iPhone 6S

Robert W. Baird analyst Will Power said that people shouldn't be bearish on Apple stock because of the performance of its watch.

"Fitbit is leading that category by a fairly wide margin but you got a much broader selection of price points and devices," Power said in an interview on CNBC's "Squawk Alley" Friday.

A recent survey by Robert W. Baird showed that fitness tracker interest remains strong, although user engagement is mixed. The firm maintains its outperform rating of both Apple and Fitbit as a result of the survey.

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Apple's stock ended Friday's session down over 21 percent from its April 28 52-week high. Power said that he "likes the stock on this weakness."

"We like the [iPhone] 6's opportunity and think they [Apple] can grow even off tough comparable sales as we go into the next year," he said.

Disclosures: Neither the analyst nor his firm owns shares of Apple. However, the firm does make a market in the securities of Apple.