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."
Second, Forrest said Apple will have a tough time shifting consumer tastes back to wrist-pieces when the Apple Watch launches in April. After all, it was Apple that helped shift consumers away from watches in the first place.
"My biggest question mark here is Apple in particular has been the thing that has weaned us off of watches," Forrest said. "They have made the young people that love Apple products not want to own or wear watches because everybody looks at their phone. Now they want to change consumer behavior and make us have a watch."
Forrest added: "I don't really understand how they think they're going to change behavior other than it's cool and that's about it."
Lastly, Forrest questions the growth prospects of the iPhone, even after setting sales records with the iPhone 6 last year.
Forrest is neutral on the stock and says she has to question the fact that people are buying the stock based on the notion that market share of iPhones is going to continue to grow. She said that gives her pause.
So what can move Forrest onto the Apple bandwagon? A huge surge of Apple Watch sales when the device debuts in April, she said. Also, Forrest wants to see Apple create a clear path to lower pricing for its iPhone models.
Disclosure: Caughey-Forrest does not own shares of Apple personally or in her fund.