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Top analyst from Wells Fargo downgrades Apple

An attendee wears the Apple AirPod wireless headphones during an event in San Francisco, California, on Wednesday, Sept. 7, 2016.
David Paul Morris | Bloomberg | Getty Images

A day after Apple announced its iPhone7, one of Wall Street's top analysts downgraded the tech giant to market perform from outperform.

Wells Fargo's Maynard Um said he lowered his rating because a good iPhone 7 launch is already priced into the stock.

"[We] believe positives largely known/expected; expect shares to be range bound," Um wrote in a note to clients Thursday. "The key risk, in our view, is that [iPhone 7] launching in more countries (and, hence, presumably carriers) may be pulling in demand from future quarters. ... Given difficulty in accurately framing sell-through demand and concern with Mar/Jun pull-in, we believe the risk/reward is now balanced."

Um's picks have a 13.8 percent one-year average return with a 65 percent success rate, according to analyst ranking service TipRanks, placing him in the top 5 percent of all Wall Street analysts covering any industry.