FBR Capital analyst Daniel Ives has come out to defend Apple (NASDAQ: AAPL) amid the 25% sell-off since earnings. The analyst reiterated an Outperform rating and $175 price target.

Ives commented, "It has been a miserable, dark period for Apple investors since the company reported June results, as shares are down 25% with negative China sentiment, market fears running rampant, and worries about iPhone 6 growth waning. With panic running wild about China the last few weeks/this morning, many on the Street are now worried that Apple's growth story is in the rear-view mirror and darks days are ahead. While we acknowledge this "white knuckle" period for Apple (and its investors), (1) with less than 30% of its customers upgrading to iPhone 6 to date, (2) a major product cycle ahead with the launch of 6s (September 9), (3) the China market representing a $100 billion market opportunity for over the next three years (taking a 30% haircut to our estimate) and (4) trading at 8x ex-cash, we believe that Apple is a uniquely compelling name to buy in this hurricane-like market downdraft this morning. In our opinion, Cook & Co. are about to embark on their next phase of strong growth on an iPhone 6/6s product super- cycle and a host of new product categories paving the way for this next chapter of growth into FY16/ FY17. We maintain our Outperform rating."

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Shares of Apple closed at $105.76 yesterday.