Apple's Core Fans Keeping the Faith

Still, they reiterated their in-line/attractive rating on Apple, saying that the company's results had room for upside from gains in share in the computer market and potential new products.

But not everyone is convinced that Apple's best days are ahead. Invictus Funds recently sold off its long position in Apple, and partner David Schamens is looking for the right opportunity to short the stock.

The company's guidance is the first indication that things are slowing down at Apple, Schamens said. While acknowledging the company's recent success, Schamens argues that its computer and iPod sales are both going to "hit a wall."

Corporate computer users have standardized on Microsoft's Windows platform, and Apple is going to have a tough, if not impossible, time cracking that market, which will limit the amount of share the company's computers can claim, he says.

In the meantime, consumer spending is likely to slow down this year, with rising interest rates and the decline in mortgage refinancing-enhanced spending. If consumers do cut back, companies such as Apple that cater to consumers are likely to be hurt, Schamens says.

"Once somewhat bad news comes out, you can bet there's more bad news to follow," Schamens says. "I love Apple and its products, but you've got to be realistic about where the world's going."

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