Over that period, Apple's annual revenue rose to nearly $216 billion, from just under $43 billion in 2009.
"The law of large numbers has caught up to Apple to some degree," said Michael Olson, senior equity research analyst at Piper Jaffray.
Apple is a relatively new addition to the Dow Jones industrial average, but it's important to the Dow's future, Cihra said.
But the company will face new pressures to manufacture in the United States under the new Trump administration, which has instructed trade officials to pull back from major international trade agreements.
"Despite the services revenue — which is a great, high-margin business, growing nicely — we don't have margins expanding. Because we do think there could be increased expenses related to local manufacturing in the U.S," Olson said.
Apple's services business, including iTunes and the App Store, is still growing quickly, with revenues up 24 percent in the fiscal fourth quarter from the year ago period. And shares are up more than 20 percent over the past year.
Plus, the stock has dividends, a surge of research and development spending, and a pile of overseas cash that may be repatriated under new federal policies. There are areas that Apple could find increased growth, Olson said, including in India.
"If they had access to that cash they would absolutely use it," Cihra said.
— CNBC's Josh Lipton contributed to this report.
Disclosure: Apple is an investment banking client of Guggenheim. Piper Jaffray makes a market in Apple securities.