Apple Downgraded To Market Perform From Outperform At Wells Fargo

Wells Fargo analyst Maynard Um downgraded Apple (AAPL) to Market Perform from Outperform after the company unveiled the iPhone 7 yesterday.

The positives are largely known and the shares are likely to be range-bound, Um tells investors in a research note. The analyst views the risk/reward as balanced with the stock up 12% since Apple's earnings report on July 26.

Regarding the iPhone 7, Um views the water resistance and improved camera as "visibly the most attractive," but points out the features were expected. The analyst has a $105-$120 price target range for Apple shares. The iPhone maker closed yesterday up 66 cents to $108.36