A growing threat of a U.S. trade war with China has only exacerbated existing problems for Apple, according one of the company's biggest critics on Wall Street.
"When you focus in on Apple in particular, the concern is that if we have a trade war with China, that Apple is going to suffer — and it will suffer more so than the other multinational tech companies," Colin Gillis, senior technology analyst and director of research at BGC Financial, told CNBC's "Power Lunch" on Monday.
Shares of Apple have fallen more than 4 percent over the past week, as technology companies like Amazon and Alphabet have also tumbled. After the election of Donald Trump to the U.S. presidency, Chinese media warned that any tariffs on Chinese goods would be met with higher prices, especially for iPhone, which is made with parts that are Chinese-made and assembled. Trump has vowed to drive a hard bargain with the Asian superpower.
There could be positives in a Trump presidency for Apple, Gillis said. But one factor — a tax holiday for repatriation of Apple's overseas cash — has already been "factored in" to the share price by investors, he said.
Gillis said that unlike rival Google, Apple has fewer products, and thus fewer opportunities to monetize their users. Plus, Gillis said, Apple faces growing competition from local Chinese smartphone makers.
"It's a one-product company," Gillis said. "So does it deserve to trade at a premium? No, it doesn't."
To be sure, Gillis is in the minority among analysts. At $85 a share, his target price for Apple's stock is by far the lowest of any analyst listed in FactSet. Gillis dropped his price target in July, maintaining a "sell" rating despite a 16 percent rise in Apple's shares in the past six months, according to FactSet data.
Apple saw revenue fall 30 percent from a year ago in the fourth quarter in Greater China, its third-largest market based on its financial reporting. In the second calendar quarter, Chinese companies Oppo and Vivo saw year-over-year worldwide smartphone shipments increase 136.6 percent and 80.2 percent, respectively, according to IDC.
Apple CEO Tim Cook has said he's still very bullish on China's long-term prospects. CNBC has reached out to Apple for comment.
But Gillis said that unless Apple can grow beyond its main source of revenue, the iPhone, it's simply "GoPro on steroids."
"There are risks embedded in China, both for consumer tastes and government regulation," Gillis said.