You'd have to be 'deaf, dumb and blind' to buy Apple, investor says

Time to buy Apple?
Time to buy Apple?

Apple shares are up more than 10 percent in the last month, but contrarian investor Bert Dohmen said he wouldn't touch the stock with a 10-foot pole.

Since Apple's revenue top in late 2014, every quarter has been worse than the one before, he told CNBC's "Closing Bell" on Monday.

"The deterioration is accelerating," the president and founder of Dohmen Capital Research said. "You've got to be deaf, dumb and blind to buy this."

Apple has had a mediocre year but has rebounded after its last earnings report, and is now outperforming the S&P 500.

Apple logo at the Apple Worldwide Developers Conference
Andrew Burton | Getty Images

On Monday, Warren Buffett's Berkshire Hathaway revealed it upped its stake in Apple by 55 percent. It now owns a little more than 15 million shares of the tech giant.

Piper Jaffray analyst Gene Munster is bullish on Apple's prospects and believes in the near-term its iPhone cycle will boost shares. He has a $151 price target on the stock.

He's predicting revenue will be up 10 percent in 2017 as a "flood" of people upgrade their iPhones.

"They've had a difficult period. I think it has nothing to do with their core strength of coming out with great devices, and I think they're going to continue on that path for the next five years," Munster told "Closing Bell."

While investors are focusing on the iPhone and the potential for a super cycle next year, he thinks Berkshire Hathaway is looking even further out at the possibilities in augmented reality and automotive.

"That gives some optimism for investors that this isn't just a one-year trade, that there's some ground work where they could get into some big growth markets in the future," he said.

However, Dohmen thinks all Apple has been doing is investing its own money and borrowed money into paying dividends and buying back its stock.

"This is not innovation. It's financial engineering," he said.

— CNBC's Kate Kelly and Paayal Zaveri contributed to this report.

Disclosure: Piper Jaffray makes a market in the securities of AAPL