NEW YORK ( TheStreet ) -- The shares of Apple ( AAPL ) are rallying as the market rises and after Wells Fargo upgraded the stock to Outperform, saying that the recent downturn in the stock was overdone. WHAT'S NEW: The recent decline in Apple's stock before today's open was overdone, Wells Fargo analyst Maynard Um wrote in a note to investors this morning. The firm noted that Apple CEO Tim Cook said yesterday that the growth of iPhone activation in China had accelerated in the last few weeks. That statement decreases the risk of the company's September quarter results, according to Um, who believes the increased visibility will boost the stock heading into earnings. Meanwhile, Apple's third party manufacturing and component commitments may indicate that the company's revenue will surpass its $49B-$51B guidance, Um stated. The analyst predicted that the results for Apple's December quarter will miss expectations, but adds that the stock "already reflected this challenge."