BTIG's Walter Piecyk Talks Apple's Decline, Questions iPhone 7's Capability To Convince Customers To Upgrade

Shares of Apple Inc. (NASDAQ: AAPL) are on track to close Tuesday's trading session in positive territory which will mark the end to an eight-day losing streak.

Speaking as a guest on "Bloomberg <GO>," Walter Piecyk of BTIG pointed out that Apple's stock was "weak" even before it embarked on its eight-day losing streak.

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"I think a lot of investors going into the quarter kind of expected things to be weak," he said. "I think the concern is more of a trust factor with the company whether they can actually develop new products to provide an incremental revenue stream or provide something interesting enough in the next iteration of the iPhone in September to actually return to growth."

When asked what Apple could do to make its new iPhone devices attractive enough to convince existing customers to upgrade to the latest device, Piecyk suggested this concern isn't new. In fact, he stated this has been a concern for Apple over the past eight years ahead of every new device release.

Piecyk added that this time around, any incremental "bell and whistles" such as OLED screens may not be enough to convince iPhone users to upgrade to a new device come September.

"It may not be enough for someone to say, look, if I'm upgraded every three years, maybe I'll hold on to that phone a little bit longer and save myself some money on my monthly bill."