The stock's selloff in recent months has boosted Apple's dividend yield to 2.2 percent from 1.5 percent a year ago.

Analysts' covering Apple have been little help to investors. Ahead of the stock's 20-percent drop that started in December, 41 analysts recommended buying Apple shares while just one recommended selling, according to Thomson Reuters data. Currently, no analysts recommend selling, while 38 recommend buying.

A new iPhone with a smaller 4-inch screen will likely boost volumes by about 5 percent this year, an increase not yet incorporated into Wall Street's expectations, Goldman Sachs analyst Simona Jankowski wrote in a report on Monday.

Apple chip supplier Dialog Semiconductor on Tuesday forecast March-quarter revenue below analysts' expectations, but said it still expects single-digit growth for the year. That suggests the March quarter could mark the low-point in iPhone shipments, with demand for new models building later in the year, RBC analyst Amit Daryanani wrote in a research note.

Jeffrey Carbone, Senior Partner at Cornerstone Financial Partners, said Apple remains a staple holding at his firm but that he has recently turned his attention to Apple suppliers including Skyworks Solutions, which he believes is undervalued.

"We have a normal weighting on Apple, we like the company, but we think the supply chain could have greater potential," Carbone said.