Projecting a downward slide for the Apple stock in the near future, well-known bond investor Jeffrey Gundlach - CEO and chief investment officer of DoubleLine Capital LP - said in a recent statement that an increased selling pressure on Apple's shares, and the company's lack of innovation, could lead to a drop to $425 per share in the next one-year period.

With Apple's stock price already having witnessed an over 20 percent plunge since September 19, Gundlach has predicted that the company's stock price will further fall to as low as $425. On Wednesday, Apple's shares were off
3.38 percent, dropping $22.20 to close at $558.

During the course of a conversation with CNBC, Gundlach - who recommended betting against Apple at New York's Ira Sohn Investment Conference in mid-May - said that Apple's stock is "overbelieved;" and also added that the recent launch of the company's iPad Mini tablet could not be described as an innovation.

Despite the fact that Gundlach also attributed the decline in Apple's stock to investors' fears of higher capital gains tax rates, Gundlach chiefly highlighted that the release of the iPad Mini was clearly an example of Apple's lack of innovation.

Elaborating further, Gundlach said that once a company begins changing the size of its devices, it is "not exactly innovating" any more; and added: "I'm wondering if they're going to start coming out with the tutti-frutti iPad, where it comes out in different colors."