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Apple (AAPL) reported okay earnings after the close Thursday. Revenue was +9% as was EPS of $1.52. Services was a bright spot with revenue growth of 17%. The stock is currently off 4% in the after-hours.

The problem is that AAPL is not a growth stock anymore – but it’s still priced like one. AAPL earned $5.61 in their FY21 and will likely earn around $6 this fiscal year. At Thursday’s closing price that’s a 27x multiple on current earnings which is too expensive for a company that has only grown its top line by 10% in the last two quarters.

AAPL is probably the greatest stock in history but nothing lasts forever. At some point, AAPL will have to be repriced as the stable, mature, value stock that it now is. That means a multiple more like 17x which would mean a share price of $100.