Apple shares slid yesterday on strength of a Ctigiroup downgrade on the stock.

Analyst Richard Gardner lowered his assessment on the stock to 'Hold' from 'Buy', citing product release delays and predicting that the new video iPod won't ship before Christmas.

"This is likely to disappoint some investors who are still expecting at least one more new product before the peak holiday selling season," he said.

Gardner wasn't recommending investors lose the stock - he raised his valuation on the stock from $80 to $85.

The analyst also increased its forecast for Apple's fourth-quarter revenue to $6.47 billion from $6.31 billion, citing strong MacBook and iPod sales.

Apple's stock closed at $74.86 last night.