Apple's stock is "cheap" at the moment, but the iPhone maker needs to innovate in order to return to strong growth, according to one analyst who spoke to CNBC on Wednesday after the company reported earnings that were largely in line with expectations.

"The stock is cheap, I mean, it's selling at low multiples," King Lip, chief strategist at Baker Avenue Asset Management, told CNBC's "Squawk Box" on Wednesday.

"The reason why we think it's selling at low multiples, frankly, is because the growth of the company is slower," he said. "It does appear and very clear to us that, you know, Apple's historic robust double-digit growth is behind the company and at least in the short-term, it doesn't appear that there's any catalyst to turn them around."

Lip's comments came after Apple released its fiscal first quarter earnings after-hours on Tuesday.

The earnings were reported under a new structure, offering gross margin figures for its services and products segments and withholding unit sales numbers for its most popular products, such as the iPhone. The new structure, announced in November, was intended to shift focus from the iPhone to other growth metrics.