Why Apple (AAPL) Stock Continues To Fall Today

NEW YORK (TheStreet) -- Apple (AAPL) was falling -3.5% to $99.64 Wednesday following a research note from Pacific Crest.

In a note to investors Pacific Crest analyst Andy Hargreaves recommended that investors start taking profits before the iPhone maker's Sept. 9 event. Hargreaves doubts that the rumored wearable, sometimes called the iWatch, and mobile payments system will "drive incremental profits that are meaningful at Apple's scale in the near to medium term."

The analyst maintained an "outperform" rating for Apple, though warned a downgrade could follow the Sept. 9 event if the company doesn't show off products and services which "suggest massive incremental profit opportunities."

Must Read: 50 Stocks Hedge Funds Love

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

Apple is expected to announce the iPhone 6 at its Sept. 9 event.

TheStreet Ratings team rates APPLE INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:

"We rate APPLE INC (AAPL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, expanding profit margins and solid stock price performance. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."

If you liked this article you might like

Some of the Coolest iOS 11 Features You Might Have Missed

Best Buy CEO -- We, Together With Amazon, Will 'Kill' the Competition

Why Apple Investors May Have a Frustrating Experience

Stocks on Track for Records Even as Trump Goes After North Korea

'Free' iPhone Deals From Wireless Carriers Not as Good as They Were Last Year