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Wells Fargo's Apple analyst Maynard Um downgraded Apple from Outperform to Market Perform on Monday. Apple's stock was down $8 or about 1.4% to $553. While Um believes iPhone and iPad units and gross margin should be strong near-term he is concerned that it is already priced into the stock. Um's analysis has gross margins increasing by 225 basis points in the two quarters of a "S" iPhone model being introduced and then decreasing by the same points when a new form factor comes into play.