Robert W. Baird analyst Will Power said that people shouldn't be bearish on Apple stock because of the performance of its watch.
"Fitbit is leading that category by a fairly wide margin but you got a much broader selection of price points and devices," Power said in an interview on CNBC's "Squawk Alley" Friday.
A recent survey by Robert W. Baird showed that fitness tracker interest remains strong, although user engagement is mixed. The firm maintains its outperform rating of both Apple and Fitbit as a result of the survey.
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Apple's stock ended Friday's session down over 21 percent from its April 28 52-week high. Power said that he "likes the stock on this weakness."
"We like the [iPhone] 6's opportunity and think they [Apple] can grow even off tough comparable sales as we go into the next year," he said.
Disclosures: Neither the analyst nor his firm owns shares of Apple. However, the firm does make a market in the securities of Apple.