Investors looking for value may find it in an unexpected place, according to Hugh Johnson of Hugh Johnson Advisors: Apple.
"The upside potential, in my judgment, is at least 30 percent. I know everybody is worried about the fact that there is a slowdown in smartphones … but also a slowdown in China. I understand that," Johnson CNBC's Power Lunch on Tuesday. "But keep in mind we're going from 50 million middle-class buyers of iPhones … to about 500 million in the next five years."
Shares of the tech giant popped more than 2.5 percent Tuesday, but have fallen more than 8 percent in 2016.
Apple in 2016Source: FactSet
Johnson added he thinks the broader market is oversold and that stock market investors will see sizable gains in 2016.