You'll want to own Apple through the iPhone 8 release, Baird analyst says

Executive Edge: Buffett's Apple play

Apple shares are worth owning as the consumer technology giant gears up to release its newest edition of the iPhone and creeps closer to a $1 trillion valuation, analyst Will Power said Tuesday.

"Our view is this is a stock you want to own into the iPhone 8 cycle," the Baird connected-technology analyst told CNBC's "Squawk Box." "And, of course, you've got additional opportunities over time, whether it's new products [or] services."

The next iteration of the iPhone is expected in the fall.

The draw for Apple isn't all about its innovative spirit, Power said. With the company's market value at about $700 billion, Power said it could reach $1 trillion soon.

"The math suggests that they're not far from that," the analyst said.

Power added that it was reassuring to hear Warren Buffett tell CNBC on Monday that he had bought approximately 120 million additional shares of Apple in January.

"It's always encouraging to see Warren Buffett involved with a stock, just given his long-term track record and just the way he looks at stocks more from a value standpoint, from a consumer standpoint," Power said.

"And the word I really liked that he used is 'sticky,'" he continued, referring to Buffett's characterization of Apple products. "I think we can all agree with that. It's a sticky product. And one that induces us to continue to upgrade to the next version."