Apple retreats from record high as BofA raises price target
** Shares of Apple Inc AAPL.O down 1.9% on Thur, retreating from all-time highs after BofA Global Markets raised its price target for the iPhone maker
** At current price, co is trading at ~33x expected earnings, its highest multiple since early 2021, per LSEG data
** Analyst Wamsi Mohan upped his PT to $256 from $230 and maintained his "buy" rating. Stock last traded at $228.45
** In a report, Mohan said he had "increased confidence of a multi-year iPhone upgrade cycle driven by an aging installed base and GenAI features that should provide a boost to customers' intentions to upgrade"
** AAPL on Wed hit a record high before dipping on Thur
** Stock is up 18% YTD vs Nasdaq's .IXIC 22% increase
Reporting by Noel Randewich
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