While the fruity cargo cult Apple has its “tame Apple press” flat out giving it free advertisements for its coming iPhones and Macs it seems that Wall Street is literally not buying it.

The company's shares are up 17 percent for the year, nearly three times the performance of the benchmark Standard & Poor's 500 stock index over the same time. Yet the company remains one of the most significantly underweighted stocks among large cap fund managers. 

A Goldman Sachs report said that the reason for this lack of portfolio managers think that Apple is no longer a hot growth company. In fact, as we have pointed out Apple has not introduced a truly new device since the iPad in 2010. In 2012, it began paying a dividend, typically a sign of a company whose days of rapid growth are behind it. Wall Street is expecting Apple to post revenue of $38 billion in the June quarter, up about 7.5 percent from a year earlier with 8 percent growth next time.

Apple’s profits still come from its iPhones, which faces more competition from cheaper and better from the likes of Lenovo, Huawei and Xiaomi. In comparison, Wall Street investors are shifting their investments to outfits like SanDisk and Netflix, both of whose revenue has grow by 10 percent or more in their most recent quarters.