NEW YORK (TheStreet) -- Shares of Apple (AAPL) - Get Report are declining on Wednesday morning after the company released its fourth quarter earnings results Tuesday night which showed its first dip in revenue since 2001.

Net income was $1.67 per share for the period, while revenue declined by 9% year over year to $46.9 billion. Fourth quarter earnings  topped analysts' projections of $1.65 per share, as revenue was in line with forecasts.

Mizuho Securities' and top rated Apple analyst Abhey Lamba appeared on this morning's "Bloomberg Daybreak: Americas" to discuss Apple's results and how the company should be valued, as well as its strategy.

"One thing is clear, that Apple is no longer a growth company," Lamba said. "We look at it as a value company. And the way we've looked at it, is we've looked at the intrinsic value of Apple. What it has is, it has a very loyal customer base, which is actually growing, [although] not at the pace we would like."

Mizuho looked at the lifetime value of an iPhone customer, which tends to be about $1,000, based on this the firm valued the company between $120 and $130. Looking at this customer loyalty and next year's product cycle, Lamba believes the stock will move toward the higher end and closer to the $130 mark.

Lamba sees Apple as a value company but BloombergTV's David Westin questioned him as to how Apple views itself. Apple is investing about $10 billion a year in R&D, Westin pointed out, saying that doesn't appear to be a value company. He questioned Lamba as to if that money is being well spent.

"You know, we'll have to see," Lamba responded. "Clearly a lot of the bets that Apple is trying to make, yesterday [CEO] Time Cook was not really open about it, which is how they operate. But they seem to be doing something on the television, they seem to be doing something in the car space. He did make some comments that those are important areas for them."

Until investors see how Apple's R&D bets play out, Lamba can't say if that money is being well spent or not. Lamba does agree that the amount of money spent on R&D is not characteristic of a value company.

(Apple is held in Jim Cramer's charitable trust portfolio Action Alerts PLUS. See all of his holdings with a free trial.) 

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

We rate APPLE INC as a Buy with a ratings score of B+. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, increase in stock price during the past year, expanding profit margins and notable return on equity. We feel its strengths outweigh the fact that the company has had sub par growth in net income.

You can view the full analysis from the report here: AAPL

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