Bear Stearns downgraded Apple from outperform to peer perform, according to MarketWatch. The December 14 report notes the change is based on valuation concerns, and maintaining estimates.
According to Bear Stearns, Appleis current valuation is based on near-term optimism, and is about 7 percent above its 2006 year-end fair value.
The analysts are, however, encouraged by new and emerging opportunities for Apple, including Intel-based Macs, a possible revised version of the iPod shuffle, and the evolution of the iPod into a media platform.
Other analysts are more optimistic on Appleis future. Gene Munster of Piper Jaffray is maintaining his outperform rating, and Shaw Wu from American Technology Research is maintaining his buy rating.
Apple stock is currently trading at US$72.71 in the pre-market trading, down 2.27 (3.03%).
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