Noting that Apple shares have shown “surprising strength over the past month, appreciating nearly 14% since the beginning of March on little incremental news,” Prudential said in a research note that valuation of Apple shares “has gotten ahead of itself.” Prudential said, “It would appear to us that at a 70% premium to Dell, which itself has historically enjoyed a rich multiple, Apple’s valuation has become expensive, and we believe the shares will likely trade back down through the first half.” Prudential said it remains cautious near-term and maintains a “neutral” rating. “Though we remain impressed with Apple’s innovation, product portfolio, and store success, we do not yet have the necessary conviction that iPod or iTunes momentum will carry through materially into the company’s other, more important, core product areas.”