Sept. 12 has become a giant hype train for Apple Inc (AAPL) as the world's largest tech company looks to unveil its new iPhone. At 1 p.m. ET, all eyes in the financial and tech world will be on Apple when it takes center stage at its new $5 billion campus.

Of course, who wouldn't be excited for a new iPhone, particularly one with constant rumors of new, exciting features surrounding it?

Because of that, most investors and analysts are expecting even more upside in AAPL stock. However, that may not necessarily be the case. A well-known analyst out of UBS, Steve Milunovich, cautions investors to be careful when handling shares of Apple near these types of product introduction events.

Over the last five product announcements, AAPL stock has actually been pretty consistent, Milunovich says. Shares are usually down in the two weeks ahead of the event, but in this case, Apple is actually up about 1%. The day of the event, shares can whipsaw, falling or climbing 1% to 2%, he reasoned.

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Ultimately, Milunovich says there seems to be greater near-term downside risk to Apple this time around. However, he still maintains his buy rating and $180 price target, believing that while short-term risks could come to fruition, long-term gains are still a realistic expectation.

AAPL stock opened near $163 in early Tuesday trading, just a stone's throw away from its all-time high at $164.94.

Apple is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL? Learn more now.

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This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.

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