Shares of Apple Inc. (NASDAQ: AAPL) are flirting with the $300 per share level, but one tech investor is sounding the alarm bells for 2020.
The first component of Apple, the hardware business, is not "healthy," he said. The overall global smartphone market hasn't shown any notable growth since 2015.
"The iPhone business continues to deteriorate," Meeks said. "[It's] very akin to the slowdown in maturity that we saw in the PC market as we kind of went from the '80s to the '90s."
Apple's SaaS Transition
Apple's software business is attracting excitement from investors, but "perhaps too much so," he said.
Apple is merely in the middle of a transition away from a hardware company dominated by the iPhone to a new software as a services company, the tech investor said.
Meeks Says Apple Trading $100 Too High
Apple is a stock that is "overpriced," Meeks said, adding that his model for the business generates a fair valuation that implies the stock is "$100 per share overvalued" heading into the new year.
Apple shares were trading 0.22% higher at $292.16 at the time of publication Tuesday.
Photo courtesy of Apple.