Apple stock has made a huge move higher — is it time to sell?

A top Wall Street analyst thinks $Apple (AAPL.US)$ is at risk of an earnings day sell-off, which would ultimately be a buying opportunity.

" $Apple (AAPL.US)$ shares are up 19% since the October 4 low (vs. 5% for the S&P 500) suggesting December quarter upside is largely priced in," warned Morgan Stanley tech analyst Katy Huberty in a new research note Thursday. Huberty expects $Apple (AAPL.US)$ to report a better than expected quarter on Jan. 27, and guide to a relatively in line March quarter.

If the stock falls on the results — which would extend a 9% slide year-to-date — Huberty believes it would be a good entry point into $Apple (AAPL.US)$ given several key elements.

The analyst views $Apple (AAPL.US)$ "as a more defensive/quality outperformer in challenging markets given a 1.65 billion plus installed base with high loyalty/retention rates, underweight institutional positioning, strong capital returns, and the tendency for Apple to outperform ahead of product cycles (iPhone SE3 in April/May 2022, iPhone 14 in Fall 2022, and a MR Headset in 2023)."

Huberty rates $Apple (AAPL.US)$ shares at an Overweight, or the equivalent of a Buy with a $200 price target.