Why Apple is heading lower: Strategist

Apple stock jumped Monday on news that Warren Buffett bought shares of the tech giant, but despite that, one strategist thinks Apple is heading lower.

In fact, Eric Ross, chief investment strategist at Cascend Securities, has an $82 price target on the stock.

"Right now we're at a point where we have product cycle issues, we've got the channel that's very confused, we've got issues in China," he said in an interview Monday with CNBC's "Power Lunch."

Cascend Securities has been bearish even since it initiated coverage on Apple in April. Channel checks suggested something was amiss with the iPhone 7 supply chain and the technicals show significant weakness for the stock, Ross said.

However, "my biggest worry, actually, is China," he said, since among other things the country has turned off iBooks and iMovie and has been asking Apple for its source code.

That said, Ross' outlook is near and medium term. Long term, he thinks the brand and the technology are in good shape.

"It's a great company, we love it. It's going to eventually grow out of it."

— CNBC's Jackie O'Sullivan contributed to this report.