Apple Inc. AAPL has been logging a majority of revenue declines over the past few quarters – unusual for a company long viewed as a flagship growth stock. But for investors still expecting explosive upside from Cupertino, it may be time for a portfolio recalibration.Despite the iPhone maker's premium brand equity and robust ecosystem, the "growth" narrative around Apple is increasingly misplaced, says analyst Sandeep Rao of Leverage Shares in exclusive comments shared with Benzinga via email.Read Also: Trump Wants Babies To Get $1,000 To Invest At Birth: This Magnificent 7 Stock Tops Poll For 18-Year GrowthApple Revenue Growth, Innovation SlowingThe company's latest net sales trend shows just a 12% year-over-year increase – a figure that barely keeps pace with inflation. When adjusted for price hikes, actual unit growth appears stagnant.Worse, innovation seems to be slowing. Apple's product lineup, while polished, lacks the wow factor or competitive edge needed to convert new users in droves. Unlike the Android universe, which offers a range of devices at multiple price points, Apple's model seems geared toward retention – not aggressive expansion.With little in the way of AI leadership and a Services segment facing margin pressure (more on that in a moment), Rao says, “Apple is better understood as a ‘value’ stock instead of a ‘growth" stock.'” And that's not necessarily a bad thing.For dividend-driven investors, Apple may be carving out a new niche. While its 0.5% yield pales in comparison to energy giants, it beats peers like Nvidia Corp NVDA. And its global consumer base and strong balance sheet position it as a potential bellwether for economic stability.If you're seeking the next breakout tech name, Apple may no longer fit the bill. But for those seeking stability and modest income, it might just be settling into a new, quieter kind of greatness. Trump’s Plan To Take On Apple, Samsung With A Smartphone Is A ‘Fairytale’: Dan Ives Warns — It Could Be A Money-Loser For His Company Photo: Shutterstock