The technorati are in frenzy again over Apple. But it's the iWatch that's grabbing some considerable attention.
According to reports, Apple's senior vice president of design, Jony Ive, boasted that the tech giant's new wearable device will be so cool, it could have the Swiss sweating bullets.
(Read MoreJony Ive teases the iWatch: Switzerland Is Screwed)
The comments may have been tongue in cheek, but investors are starting to pay more attention to the possible device. KGI Securities analyst Ming-Chi Kuo suggested in a note to investors that the new wearable device could come in different colors and sizes, and would likely not hit the shelves until 2015. Kuo speculated that the iWatch would come in a variety of colors including gold, and would likely be available with a 1.3-inch display as well as a 1.5-inch.
So, is the iWatch bigger than investors are giving it credit for?
"Initial demand for the iWatch should be strong given Apple's 'cult like' following," said Cowen and Co.'s head of sales trading, David Seaburg. "However, I don't believe it will be a huge driver of future revenues and I expect the luster to fade quickly. Look at Samsung's watch as an example."
(Read MoreApple's payment plan goes beyond your wallet)
Seaburg isn't standing alone. Chad Morganlander of Stifel's Washington Crossing Advisors doubts Apple's latest and greatest will move the needle long term. "Apple has a tremendous revenue line. Over the course of 2015, our expectations are close to $200 billion in revenues."
Stifel Nicolaus is bullish on Apple, with a price target of roughly $110 per share in the next six to 10 months, and does say that the company is a strong buy for a value investor. The firm has a "buy" rating on the stock. But as far as the iWatch is concerned, Morganlander maintained that investors must tread carefully. "You have to be somewhat cautious here," he said. "Some of the different products in their line are going to become obsolete."
As far as the technicals are concerned, Prime Executions' Steven Pytlar is paying close attention to a recent consolidation pattern that could suggest the stock will move sideways or slightly down in the coming months. "There was a pretty strong selloff [Wednesday]," said Pytlar. "This is coming at a time where the stock has rallied for the first part of the year. It's become overbought in terms of momentum, and it's also reached the projection from the price range of the prior base."
Pytlar added that $93 per share is a key level to watch. "That's where we would look for a leg lower."
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