Apple Analyst Says 'No Doubt' Its Best Days Have Passed

Toni Sacconaghi, an analyst at Sanford C. Bernstein, was a guest on CNBC's "Fast Money: Halftime Report" segment on Friday and shared his take on why Apple Inc. AAPL's best days are behind it.

According to Sacconaghi, while it is clear that Apple won't be able to show investors the massive growth rate it has in the past, it is unclear what exactly investors can come to expect over the next five years.

Sacconaghi stated that Apple held the title of being "one of the most spectacular companies in history" over the past 10 years given its ability to boost revenue 10-fold and earnings 30-fold.

'Mature' iPhone

Today, Apple's core product, the iPhone, has become a mature product. Unfortunately, this is what represents the majority of the company's revenues and profits.

"For Apple to really grow meaningfully again, it's going to have to find new things beyond the phone, and that's a big question mark," the analyst added.

As such, he has "no doubt" that Apple's best days are behind it. Nevertheless, the analyst feels very comfortable in recommending Apple's stock at this point in time and believes the highly anticipated iPhone 8 will help boost Apple's earnings and generate returns for investors given the large number of consumers who are willing to pay for upgrades on a consistent basis.

Beyond the iPhone 8 it remains "unclear" if investors can hold on to Apple's stock for the next five years.

"There's a leap of faith that Apple is in an innovative company," he concluded.