Apple Downgraded at Wells Fargo

Shares of Apple (AAPL) - Get Report were lower as some analysts aren't singing with excitement like Tim Cook was about Apple's latest iPhone. Analysts with Wells Fargo cut the stock's rating to Market Perform from Outperform. The downgrade comes a day after the tech giant unveiled its new iPhone 7. The Wells analysts believe the positives are largely unknown and the shares are likely to be range-bound. They noted that the water resistance and improved camera in the latest iPhone are "visibly more attractive," but added that those features were expected.

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