Other analysts, however, believe it's no longer worth holding shares of Apple through the iPhone 7 launch.
"What I fear, and we'll have to see more evidence, is that we have the same situation we saw a couple years ago, where gross margins declined, you saw market share declines, and a lack of innovation," said Channing Smith, managing director of equity strategies at Capital Advisors.
While Apple has maintained its market share thus far, emerging market growth is in question as revenue in China fell 7 percent on a constant currency basis, he told "Squawk on the Street."
Smith said Apple has a growth investing base, but no growth. Gains in its services business cannot offset declines in other critical areas, he added.
"We're positive on the iPhone 7. We think it will be a big success. We were hoping to limp along until we got to July, August, when we start anticipating you get the anticipation trade in Apple, but that's not happening," he said.
"All of a sudden we potentially have some issues that might be of deeper concern here."
Disclosure: Stifel Nicolaus owns greater than a 1 percent share of Apple stock. Stifel or an affiliate is a market maker or liquidity provider in the securities of Apple.