Analysts at Bear Sterns have reduced their assessment of Apple's stock to 'peer perform'.

The analysts had previously rated Apple as 'outperform'.

The firm notes Apple's stock to have already reached Bear Stern's year-end target price of $36.50, and sicussed a "lack of compelling upside" for the rest of the year.

That target price already takes into account an expected-to-be strong December quarter and good sales driven by product introductions, the analysts said.