Apple's stock hasn't reaped much from the postelection rally, but this holiday season, shoppers still want iPhones, according to Piper Jaffray analyst Gene Munster.
A Piper Jaffray retail survey of 1,000 consumers showed that iPhones and Macs were the top-requested gifts among consumers and had increased in popularity from last year.
"I understand the theme is, 'it's not as exciting,' but consumers definitely want to be buying these iPhones," Munster told CNBC's "Closing Bell" on Black Friday, one of the year's busiest shopping days.
Despite the apparent popularity of Apple's new products, shares of the company have fallen 1.5 percent so far this month, during a period where the S&P 500 has risen 4 percent.
One Apple shareholder was not pleased with Apple's position, citing the limited availability of the jet black iPhone 7 Plus and a dearth of innovative new hardware. He called the company's marketing "out of touch."
"They have manufacturing issues, they have issues in China, they got a stronger dollar that's going to hurt foreign sales," Ross Gerber, president and CEO of Gerber Kawasaki, an independent investment advisor, told CNBC's "Closing Bell." "We're very disappointed with management. It's just so disappointing to have nothing, absolutely nothing new."
Gerber said Google and Microsoft, who have led the way on smart home devices and virtual reality, are "taking [Apple]'s lunch." But Munster said that Wall Street's view of the stock misses the forest for the trees. This month, Microsoft shares have risen 1 percent, while Google parent Alphabet has fallen 3.7 percent.
"At the end of the day, maybe the features weren't as exciting as they have been in the past," Munster said. "The iPhone is a product that people want."
Disclosure: Piper Jaffray makes a market in shares of Apple.