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One reason Apple has fallen behind Samsung in the smartphone battle is because the iPhone maker is still struggling to grow its market share in emerging markets. The iPhone's high price point has kept the phone from growing as fast as its competitors in countries where the emerging class can't afford to pay for the device.
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New products like a widely speculated smart watch, or an iTV could help offset slowing growth in the company's iPhone business, but finding a way to deal with emerging markets is still key, Guana said.
"They do need to come out with some new products, I think they do need to address the emerging markets. ... Apple needs to find a strategy for that," Gauna, who has a "market perform" rating on the stock, said.
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According to a Bloomberg report Monday, Apple is planning to roll out a smartwatch before the end of 2013. Analysts also predict that the company will unveil a TV sometime in the second half of this year.
(Read More: An Apple Smartwatch May Boost Revenue $9 Billion: Analyst)
Before either of those speculated products launch, though, analysts have said that a less expensive iPhone is on its way this Summer, which could help the company grow in emerging markets.
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"As for the iWatch or iTV, we'll have to see. You know, Tim Cook just recently said they are a company that is focused and if they focus in the wrong areas they lose," Gauna said. "If they focus and innovate in the right areas they can get back on track. But right now, I think what is central to them is the iPhone, expanding that product category and getting that category back to earnings appreciation."
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