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Why I still want to own Apple: Shareholder

There will be some "rough sledding" for Apple in the next couple of months, but expect the tech giant's September and December quarters to be very impressive, shareholder Channing Smith told CNBC Tuesday.

Apple shares have taken a hit since it reported disappointing earnings last week, although the stock popped Tuesday, gaining nearly 2 percent. It reported its first decline in quarterly revenue growth in 13 years and saw its iPhone sales fall from the previous year for the first time ever.

"It was a horrible quarter, probably one of the worst quarters that we've seen in a long time, but we're more optimistic on that September and December quarter. We think they will return to sequential growth," the managing director and co-portfolio manager of Capital Advisors said in an interview with "Power Lunch."

Apple is expected to release the iPhone 7 later this year, and Smith sees growth in India and China — particularly with the lower-priced model.

However, the developed market is holding on to its phones longer, BTIG analyst Walter Piecyk told "Power Lunch." That's why he's cut estimates of how many phones Apple is going to sell over the next couple of years.

His current price target for Apple stock is $115, which means he still expects shares to rise.

"We still believe that they can return to growth in this December quarter," Piecyk said.

"If you look at the valuation of the stock, the significant discount to the market multiple, if you believe that they can return to growth in the next fiscal year, then you should be owning this stock."

CNBC's Tom DiChristopher contributed to this report.