Shares of Apple ticked higher Tuesday ahead of a quarterly earnings report expected to reveal if holiday iPhone sales were up to snuff.
But one analyst said even if iPhone sales disappoint year over year until the March quarter, good times might be ahead for the technology stock.
"The mistake we end up making is we end up taking one or two quarters' data points and extrapolating them to eternity," said Abhey Lamba, senior technology analyst at Mizuho Securities.
He told CNBC's "Squawk Alley" on Tuesday that he recently upgraded the stock, and expects shares of Apple to bottom between June and the end of the calendar year.
"When you take a step back and look at the bigger picture, the [iPhone] franchise is still intact," Lamba said.