Prudential cut its rating on Apple stock Friday, causing some decline in the company's rate of stock market growth.

But despite the downgrade (to 'neutral' from 'outperform'), Apple shares still held up, closing at $61.15.

Prudential wasn't warning of any great calamity for the firm, simply saying that at current levels the stock is "priced for perfection", said The

The analyst also raised Apple's target price to $67 from $55, saying it expects a strong first quarter from the company.

"We are concerned that as the market begins to digest decelerating revenue, earnings, iPod and CPU growth in fiscal 2006, the multiple could contract from current levels," the analyst warned.