Even though Apple’s stock is down eight percent in the last 10 trading days, Piper Jaffray Senior Research Analyst, Gene Munster, remains confident long term.

Munster on Tuesday reiterated his 12 month target of $277 for the company’s stock, believing Apple can make up the ground it recently lost. Although he said shares may lag in the first calendar quarter, it will rebound and continue to grow.

“We remain confident that the Dec. quarter will provide enough upside, driven by Mac, to give investors confidence that the fundamentals are intact,” Munster said in a note to clients.

Munster points to investors getting ahead of the 2010 sell-off as a possible cause for the weakness in Apple’s stock recently. He also said that in previous years, Apple’s stock has gone up in anticipation of the Macworld conference, but Apple backed out and will not be participating this year.

Apple’s stock closed up $1.06 or 0.56 percent at $190.01.