Is Apple's Turnaround Real?

Taiwan's stock exchange spiked higher on Monday, led by notable technology names that count themselves as key members of Apple Inc. (NASDAQ: AAPL)'s supply chain.

Taiwan's Economic Daily reported Apple told its suppliers to prepare for a total production run of 72 to 78 million smartphones — the highest production target in around two years.

Related Link: Taiwan's Stock Market Surges Following Reports Apple Supply-Chain Manufacturers Told To Expect Massive iPhone 7 Output

What's interesting is the report contradicts various bearish theories that Apple's iPhone 7 will see declining sales levels, which in turn has contributed to a decline in Apple's stock.

Speaking as a guest during CNBC's segment of "Power Lunch," Mizuho Securities' Abhey Lamba noted that this is the first time in a while the market was given a "positive data point" into the iPhone 7 outlook — but this isn't necessarily an indication that the sentiment over its stock has changed.

"At this point sentiment on the stock is extremely negative," Lamba said. "As we go into the iPhone 7 cycle it's going to improve but keep in mind Apple is not a growth story anymore."

He added that Apple's stock is unlikely to get to a point where it will return to becoming a growth story "anytime soon."