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.
Read MoreApple's Cook: Still seeing strong growth in China
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.
Read MoreIs bearish Apple a buy? Traders weigh in