Wells Fargo Securities Sees Mixed Factors for Apple

In a report published Thursday, Wells Fargo Securities analyst Maynard Um reiterated a Market Perform rating on Apple (NASDAQ: AAPL).In the report, Wells Fargo Securities noted, “We believe the positives of potential near-term ‘s' cycle gross margin improvements and new products are balanced against potential gross margin pressure later in the year, limited amount of incremental market cap opportunity in the existing product segments, and a potential balance of power shift back to wireless operators from handset vendors.”Apple closed on Wednesday at $524.75.