As of publishing this Apple’s share prices resides around $71.50, a drop of 4.64%. It looks like this sudden drop has occurred after an analyst said that Apple’s share valuation was above fair value.

The analysts downgraded Apple from “outperform” to “peer perform” and said, “reflects much of the near-term optimism and is 7% over our calendar 2006 year-end fair value.”

But the analyst is still encouraged by “emerging opportunities” for Apple.