Making a seemingly contrarian call, one analyst upgraded Apple to a "buy" on Monday, after being neutral on the tech giant for the past 12 months.
"While we acknowledge weaker data points from the supply chain and softness in China, we believe similar to last year, investors are likely making a mistake in extrapolating the data to eternity," wrote Abhey Lamba, senior technology analyst at Mizuho Securities, in a note to clients. "We were able to make a nonconsensus call last year by looking at the bigger picture and similar analysis this year makes us take a positive stance on the stock. We believe Apple continues to represent a very strong franchise that has potential to keep gaining share."
Though spillover from a stock sell-off in China could stoke concerns for Apple investors, Lamba noted in an interview Monday with CNBC's "Fast Money: Halftime Report" that investors should not get caught up in the short-term negatives.
"What we did was we took a step back and said these quarterly data points are the noise, let's check back and see what's Apple really worth. What is their customer base really worth?" said Lamba. "When we look at that, we get a value of about $140 per share, which we think is a fair value, and we think as these data points clear out, the stock will trend towards that."