It's simply not true that the 5s is not a significant upgrade. Although I don't own a 5s, the new fingerprint sensor is the first I've seen that actually works on a smartphone, and the device itself is lightning quick. The graphics are great and by all measures, it seems like a solid device. The one argument that could be made is the screen size, depending on what side of the fence you fall on. Personally, I'm not a fan of so-called "phablets." It remains to be seen whether the new iPhones have the potential to pull in Android users, but Apple doesn't necessarily need them. Now before everyone fills the comments section up about how great the Nokia ( NOK) Lumia and Samsung Galaxy are, it's imperative to remember that iPhone users love their iPhones, and that isn't going to change anytime soon. With a near-90% retention rate, Apple has left current iPhone users with clear, limited choices for upgrading after it eliminated the iPhone 5 from its lineup. There are plenty of users who still have the iPhone 4 or 4s. Now they have three choices: Stick with their current phone; buy a different, non-Apple phone; or upgrade to a 5s or 5c. Based on studies, (and not simply my own opinion), a majority of current Apple customers will likely stay customers. In other words, the 5s or 5c will be their next phone.
There are some very strong growth names with solid technicals and fundamentals that investors can put their money to work in instead of Apple. Google ( GOOG), Priceline.com ( PCLN), MasterCard ( MA) and Starbucks ( SBUX) are just a few examples. Apple definitely isn't worthy of being called a growth stock anymore. Those looking for growth should go somewhere else, perhaps to the names mentioned above. But Apple would certainly qualify as a value stock. Its valuation is dirt cheap, it has a safe and secure dividend yield of about 2.5% and the stock has potential. But many investors want growth now, not the potential for growth later. Also, sentiment, up until recently, has been incredibly bearish, which could be a good contrarian indicator. Look at Yahoo! ( YHOO), Best Buy ( BBY) and Netflix ( NFLX), which were all hated just a year ago. Bottom line: If you want growth and consistency now, sell your Apple stock and find something else. Presently, there are fewer catalysts and far too much drama to deal with vs. other stocks that continue to make new highs. But if you're looking to buy a company that's closer to the bottom than it is to the top, has arguably the best financials, and could possibly achieve near-explosive growth once again, then Apple is a stock for you -- so long as you're willing to wait. At the time of publication, Kenwell held shares of MA, SBUX, AAPL. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.