Shares of Apple are coming off of Friday's new 52-week low as investors worry about slow growth, especially abroad. But some portfolio managers say Apple is set to bear more fruit than the Street may realize.
"Things aren't as bad as everybody thinks," Dan Morgan, senior portfolio manager at Synovus Trust told CNBC's "Squawk on the Street" Monday. "They have a tremendous amount of room to grow."
Apple is facing negative headwinds after its first quarterly sales drop in more than a decade. Shares of the tech company have fallen almost 12 percent since April 26, when the company reported earnings and revenue that missed analyst expectations, as well as lowered guidance.
In particular, Morgan acknowledged trouble for Apple in China, calling it an "icy path" for the company. "But that also means there's tremendous room to grow," he said. "If they can go from 13 percent to 20 percent market share, that would be huge."
With a dividend yield above 2 percent, Morgan said he's happy to wait for Apple to bounce back, especially while the 10-year treasury note yield are around 1.8 percent.