Bear Sterns has reduced its assessment on Apple's stock to "peer perform" from "outperform".

Apple shares immediately declined slightly in pre-market trading as jittery investors considered the news that Apple will perform as well as other technology companies on Nasdaq. They presently stand at $73.53, down $1.45 (or 1.93 per cent).

The analyst was generally positive on the company, saying it remains "encouraged by emerging opportunities, such as Intel-based Macs, iPod shuffle refresh and the emergence of iPod as a media platform," CBS Marketwatch reports.