Needham's Wolf: Apple Stock a "Hold"; Targets $70

Needham & Co. anayst Charles Wolf downgraded shares of Apple Computer (AAPL) Friday to "hold" from "buy" and is targeting the stock at US$70 a share.

"With all of the possible contributors to Appleis share price factored in -- the iPod, a possible flash-based iPod and the widely discussed halo effect -- our valuation model produces a fair price of $70 per share," analyst Charles Wolf told clients.

Mr. Wolf said he believes most of the upside is now captured in the share price.

Mr. Wolfis new recommendation comes just 10 days after he recommended buying Apple stock with a target price of $62.

Apple shares opened Friday at $64.56. Shares have been as high as $69.57 in the last month.