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Take profits in Apple now: Analyst

Apple may be the darling of Wall Street, but one analyst thinks it's time to get out now while the getting's good.

"We recommend taking profits in (Apple)," Pacific Crest Securities analyst Andy Hargreaves said in a note Wednesday. "Unless next week's event details massive incremental profit opportunities, we are likely to downgrade (Apple's) rating."

Apple is widely expected to unveil the iPhone 6—and perhaps a smartwatch—at an event next Tuesday. Speculation has it that the new phone will come in larger screen sizes and also offer a mobile payments platform.

Read MoreDigital wallet a turning point: Analyst

But Hargreaves said he did not expect the watch or the payments platform to drive meaningful new profits for the company. He suggested investors hold "some position" in the stock through next Tuesday's event, though, in hopes of getting more details on what kind of profit the new products can generate.

Hargreaves has a $100 price target on the stock, which fell 3.2 percent to $100 on Wednesday, making for the stock's second-worst day of the year. (What's the stock doing now? Click here)

At least one other analyst also cautioned that the stock price was probably reflecting only the possibility of good news.

Read MoreApple device sparks lines—already

"We think the shares are fully valued at this point and frankly I don't think a lot of people are accounting for a potential disappointment coming out of the event next week," S&P Capital IQ analyst Scott Kessler said in a CNBC interview. "That obviously seems to be what people are thinking about and perhaps worried about at this point."

Of 52 analysts with a recommendation on the stock, 42 rate it a "strong buy" or "buy," according to Thomson Reuters I/B/E/S.

Read MoreOptions point to Apple bullishness

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The company has also been under pressure in recent days over a massive leak of celebrity nude photos, which some had blamed on Apple's iCloud online storage service.

Read MorePhoto hack a potential disaster: Expert

Apple has defended the security of its services and said that hacked users were targeted individually.

But the company is also warning developers of health-related apps not to store personal data on iCloud.

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