Analysts: Why Apple will weather the China storm

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Despite difficulties facing Apple, upcoming catalysts will help the stock burst through its summer malaise, two analysts said Tuesday.

Apple shares climbed more than 4 percent to about $107.80 per share in Tuesday trading. The stock has still shed more than 15 percent since April 29, a day after it hit an intraday record high.

Customers at an Apple store in Hangzhou, China.
Zhang Peng | LightRocket | Getty Images

But Apple's current price and potential to grab market share with a new iPhone model outweighs concerns about slowing phone sales or a weakening Chinese economy, contended Gene Munster, an analyst at Piper Jaffray.

"We see this as a golden opportunity because the setup over the next year looks favorable," said Munster, who has a $172 price target on the stock, in a CNBC "Power Lunch" interview.

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Amid a global selloff Monday, Apple CEO Tim Cook told CNBC's Jim Cramer that the tech giant has maintained momentum in the China, with an acceleration in iPhone activations and strong App Store sales.

"Additionally, I continue to believe that China represents an unprecedented opportunity over the long term as LTE penetration is very low and most importantly the growth of the middle class over the next several years will be huge," he added.

Investors have largely overlooked Chinese adoption of 4G LTE data networks, which benefits Apple, said Aaron Rakers, an analyst at Stifel Nicolaus. Rakers—who has a $150 price target on Apple—believes expectations for slowing iPhone sales later this year have already been priced in.

"Proliferation of 4G within China continues to be an important driver," he said on CNBC's "Squawk Alley."

At its price Tuesday, Apple still looked like an "attractive buying opportunity," Rakers added.

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