Deutsche Bank Asks: 'Is Apple Season Over?'

Another lackluster growth quarter from Apple Inc. AAPL has Deutsche Bank analyst Sherri Scribner wondering if Apple’s long run at the top of the tech world may have reached its end. In a new report, Scribner discusses all the reasons she believes Apple’s stock is headed nowhere.

Although Apple’s Q4 results were not particularly disappointing and came in mostly in-line with expectations, Apple’s guidance now suggests a significant year-over-year decline in iPhone sales in the March quarter. Again, these projections were not particularly surprising to Deutsche Bank, but Scribner believes that the longer-term trend is troubling.

“We remain concerned about the lack of growth in iPhone units this year, the slowdown in China sales, and gross margin pressure from FX as we move through the year, she explains.

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Scribner is not particularly bearish on Apple at its current valuation, but is anticipating limited upside for the stock this year. Deutsche Bank maintains its Hold rating and $105 price target for Apple.

Disclosure: the author holds no position in the stocks mentioned.