BofA cuts Apple stock price target and EPS on lower profit margins. Putting a 37 P/E multiple on Apple is ridiculous. Why does Apple trade at 30Xs 2027? Makes no sense versus Nvidia's tiny multiple and much higher growth. Apple's multiple should be cut in half as margins compress. "Pricing on the new iPhones came in lower than we had expected, which can drive higher units but put some pressure on GM given higher memory/component costs. We adjust our ests, and our PO moves to $370 (from $380) on 37x (unchanged) C27E EPS of $9.98 (prior $10.32) on slightly lower GM"