NEW YORK (TheStreet) --Apple (AAPL) will not only become even more reliant on its iPhone line of smartphones, but will lack the courage to lead the next wave of technology innovation, a note published Monday by Oppenheimer suggested. Moreover, the firm believes that the tech titan's stock will underperform the rest of the market over the next decade.

"I think the headline is clickbait and the conclusion is correct," Founding partner of the venture capital firm Elevation Partners Roger McNamee said on CNBC's "Squawk Alley" today. "The law of large numbers makes it almost impossible for Apple to outperform the market materially."

Furthermore, he believes Apple has reached the point of scale in which hyper growth is "very hard" to achieve. However, accusing it of not having the courage to lead is "ridiculous," McNamee added.

"At the end of the day, Apple is doing some very interesting things; are they doing all the things they could be to maximize growth? I don't know," McNamee said.

Currently, Apple has all the makings of a market perform stock, taking advantage of a stronger market, or weakening due to a feebler market.

"The challenge we face as technology investors is we're coming off the mother of all product cycles with smartphones. There is nothing on the horizon, one-tenth as large," McNamee said.

Shares of Apple were higher in midday trading on Monday. 

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

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 team rates Apple as a Buy with a ratings score of B+. This is driven by a number of strengths, which the team believes should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks the team covers. 

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


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