Cleveland Research analyst Benjamin Bollin downgraded Apple AAPL from Buy to Neutral early Tuesday morning.
Despite the bearish note, Apple shares are trading up nearly 2 percent to $428.81 at last check.
Bolin cited iPhone/iPad unit risk and gross margin pressure based on possible lower-priced versions cannibalizing sales of the traditional models.
The iPhone 5S is rumored to release in August; the iPad update may come as early as April.
Bolin lowered his FY13 EPS estimate from $46.27 to $42.18 and his FY14 estimate from $51.89 to $42.83. Analysts are currently looking for FY13 EPS of 44.57 and FY14 EPS of $50.76.
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