Bear Stearns downgraded Apple’s rating today, saying the stock has already reached the year-end price target set by the firm’s analysts. Apple’s rating went to “peer perform” from “outperform,” Bear Stearns said. With Apple’s shares hitting the firm’s year-end target of US$36.50, there is a “lack of compelling upside” headed toward next year, Bear Stearns wrote in a note to clients. “Our view is that the valuation already reflects multiple product catalysts and potential for strong December quarter results given Apple’s seasonal strength in consumer and leverage from several synchronized product cycles.”