Apple (NasdaqGS: AAPL) helped fuel the rally in technology exchange traded funds (ETFs) last week with glittering quarterly results, but the company’s shortfall in sales targets on the iPad could lead some investors and analysts to scale back their high expectations, according to a report Sunday.

Apple will see difficult year-over-year comparisons in coming quarters while its sharp revenue growth may be hard to maintain, Reuters reported.

“They are going to have comparison issues on the growth side,” said Michael Walker, portfolio manager at WP Stewart, according to the report. “They can’t grow 83% forever. There’s no way.”

Apple represents more than 20% of PowerShares QQQ (NasdaqGM: QQQ), one of the largest and most highly traded ETFs. It is also the top holding in Technology Select Sector SPDR Fund (NYSEArca: XLK).

Apple shares rose over 2% on Thursday.

Technology Select Sector SPDR Fund

The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.