With the Nasdaq down more than 7.5% from its highs, is now the right time to buy the dip?

The recent pullback in stocks like Apple Inc AAPL and Microsoft Corp MSFT is a golden buying opportunity, Wedbush analyst Dan Ives said Tuesday on CNBC's "Squawk Box."

Ives expects tech stocks to be up more than 10% from current levels by the end of the year.

"These are times to double down in cloud, cybersecurity and some of the big cap names like Apple and Microsoft," he said.

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For investors with a multi-year time horizon, Ives said he continues to view pullbacks as "a time to double down on tech."

The Street is likely underestimating growth in some of the tech stocks by about 10% to 15%, Ives said.

AAPL, MSFT Price Action: Apple was up 0.32% at $139.58 and Microsoft was up 0.77% at $285.22 at time of publication.

Photos: courtesy of Apple & Microsoft.