Not everyone loves Apple. Take Fort Pitt Capital's Kim Caughey Forrest. The portfolio manager and equity analyst says it's a fantastic phone company, but her accolades stop there.
Forrest gave three reasons for her lukewarm analysis of Apple. First, Apple's record-high stock prices reflect a willingness to believe that the tech giant can reinvent an entire product category every few years, Forrest said. To justify that, Apple must pull off perfect executions of its ventures into wearables, television and automotive software, she said.
"The likelihood of them hitting all of those things perfectly is not as great as the rest of the world thinks," Forrest told CNBC's "Tech Bet" on Thursday. "They think Apple is a category creator, and a category grower."