Investment bank Wells Fargo has downgraded Apple’s market rating from “outperform” to “market perform”, ensuring 2014 will not start well for Cupertino.

The news evidently sent ripples around the marketplace, with Apple’s shares dropping as much as 1.4pc in early trading yesterday.

The reason for the downgrade, according to the bank, was a combination of a lack of disposable income for consumers, as well as slower expectations on the to-be-released iPhone 6.

Yet it’s not all bad news; reasons for Apple fans and investors to be cheerful in 2014 include the iBeacon, the iWatch, as well as the nascent iPhone 6, expected to be released in the third quarter of this year.

According to Street Insider, Wells Fargo analyst Maynard Um called the bank’s view of Apple “bullish”, adding that whilst the potential is there for iPad and iPhone sales to bump up the valuation, it is “largely embedded” into the overall score.

A more worrying trend, not just for Apple but for all device makers, is Um’s prediction that there is “a shift in the balance of power from handset vendors back to wireless providers.”

“Wireless operators have been offering generous subsidies of -$400 per smartphone, getting the price to consumers to -$250 in an effort to drive increased smartphone penetration,” Um wrote.

Back in September, our sister site TelecomsTech remained unsure about the strategy behind the iPhone 5C, citing a study by We Are Social which showed that more than four in five social conversations in the aftermath of the 5C’s release were negative.

It appears this has been reflected in Wells Fargo’s evaluation of Cupertino. With only three ratings available, overperform, market perform and underperform, this is something of a dip. But what’s your view?