A previous version of this story gave the incorrect number for Apple’s total revenue in fiscal 2015. The story has been corrected.

Apple Inc.’s share price fell solidly below $100 on Thursday, a territory not seen since October 2014, fueling a debate on Wall Street over whether the stock is overvalued, amid ongoing expectations of slower growth in fiscal 2016.

Last summer, Pacific Securities analyst Andy Hargreaves predicted that Apple’s iPhone units were likely to decline in fiscal 2016, “and that’s OK,” he wrote in a note to investors. The most recent iPhone entrants that hit the market in September — the iPhone 6S and 6S Plus — were seen as improvements but not major design upgrades. In addition, Apple AAPL, -1.59% had a big uptick with the iPhone in China, also making fiscal 2015 a tough compare.

This week, The Wall Street Journal reported that Apple scaled back on orders for iPhones from its suppliers in China, which has had ramifications throughout the supply chain. This news rattled investors and Apple shares fell in intraday trading Wednesday to $99.87 before closing at $100.70. On Thursday, it has spent most of the session below $100.

On CNBC, though, Wednesday’s drop below $100 fueled a debate among the pundits. The core of the issue for many investors is whether Apple is a value stock or a value trap. In other words, is the stock trading at a value less than its peers, or is it a stock that appears to be cheap, based on fundamental factors, including its vast cash holdings, but never recovers to its estimated full value.

One of the more bearish investors, Ian Winer, director of equities trading at Wedbush Securities, said he believes Apple’s best days are behind it.

“It’s a tech stock that was a growth stock that still has a market cap of about $600 billion,” Winer said earlier on CNBC. “It’s not like you are buying a stock that has all this growth in front of it. You are buying a stock where the best days are over. It’s a tech stock, and value stocks in tech just do not work in my experience.”

Indeed, Apple’s spectacular growth is slowing in the current fiscal year, which ends in September. The big question is whether or not the next version of the iPhone will eventually propel another year of barnstorming quarters, if and when the iPhone 7 is launched. The Apple Watch could also eventually take off, but so far the smartwatch’s sales have been slower than many on Wall Street had anticipated.

The consensus on Wall Street, according to FactSet Research, is for Apple to see total revenue of $241.5 billion in fiscal 2016, up 3.3% from $233.7 billion in fiscal 2015. That single-digit growth is a steep tumble from 2015’s growth rate, when revenue surged 27.8% from $182.8 billion of revenue in fiscal 2014.

Apple Scales Down iPhone Orders

Others argue that Apple, which has the largest pile of cash held by a U.S. company, is a cheap stock. The Wall Street Journal argued that its current market value has already baked in the lowered expectations for the iPhone, and that while investors are enamored with growth, such as the Street’s current infatuation over Amazon.com Inc. AMZN, -2.25% and Netflix Inc. NFLX, -2.82% , Apple’s earnings power should not be discounted. “Apple earned more in its last quarter than those two companies have in their entire existence — combined,” the Journal wrote.

But investors do want growth, especially in tech. Until Apple starts showing some serious growth again, there will be an increasing number of investors who argue it is veering close to a value trap.

Once again, investors will be focused on Apple’s next yet-to-be launched iPhone and whether it will be its next big thing. Will fiscal 2016 represent a trough the company digs itself out of, or does this slower growth represent a new normal?