Apple is no longer the growth company it once was despite still being a great income generator, according to New York University's Aswath Damodaran.
Apple shares slid Monday following reports of softer demand for the tech giant's new iPhone 16 model, after first-weekend orders for the phone unveiled just last week were shown to be down on a year-over-year basis.
AAPL 1D mountain Apple The "Dean of Valuation" expects Apple to continue to face challenges in its services business as it struggles to keep pace with sales of iPhones.
Still, the finance professor said Apple shares, which are higher by more than 12% this year, are reasonably priced.
"So the services business, the ecosystem that they have, has to be dramatically large for it to make up for the iPhone," he said.
Persons:
Damodaran, CNBC's
Organizations:
Apple, Apple Intelligence
Locations:
New York