Shares of Apple fell nearly 4 percent on Friday after Needham & Co. analyst Charles Wolf lowered his investment rating on the stock to “hold,” saying much of the potential upside to its business is reflected in the current stock price. “For valuation reasons, we’re downgrading Apple from Buy to Hold,” Wolf wrote in a note to clients. “With the stock now trading close to” $70, he wrote, “we believe that most of the upside is now captured in Apple’s current share price.” Apple shares fell US$2.53, or 3.9 percent, to close at $62.68.