Macworld Exit Opens New Doors for Apple

Apple, which released strong fourth-quarter results in October, will continue to perform well, at least in the short term, according to Bailey.

"We continue to see a solid December quarter for Apple, particularly on the bottom line due to favorable component pricing and mix, but see downside risk to March and June quarter estimates, as consumer weakness, compounded by seasonality, creates a tougher environment for Apple's higher-end offerings," he wrote.

Apple shares closed down 1.9% Thursday, settling at $92.70.