Analyst: Apple's Sheer Size Makes It Almost Impossible To Demonstrate 'Explosive' Growth

Specifically, Olson said that it is really tough to grow a company whose top line already stands at $220 billion. However, that doesn't mean that Apple can't grow at a low-single digit and this growth rate is still attractive given the current multiple on Apple's stock.

Apple's International Prospects

Piper Jaffray's Mike Olson was also a guest on CNBC's segment and was asked about Apple's ambitions in China.

Olson answered that China is important for Apple as it represents an avenue of growth at a time when the "law of large numbers" has caught up to Apple in some degree. Moreover, the analyst noted that Apple is working with the Indian government to clear regulatory hurdles which will allow the company to open its own stores and have greater access to the market for its products.

On the domestic front, Olson believes if Apple decides to manufacturer some of its products domestically it can impact margins given the higher cost of domestic production.

In fact, Olson's Apple models now assumes the company will take on a greater manufacturing role in the United States and despite the large margin profile of the services segment, Apple is unlikely to see any margin expansion moving forward.

At last check, Apple was flat on the day at $121.88.