Apple’s Q2 earnings report gave Wall Street a lot to like.

Bank of America analysts were all praise for the Cupertino giant’s performance, giving them enough confidence to raise their price target to $330 (18% higher than current prices), while keeping a buy rating.

Q2 was another massive beat-and-raise quarter, with Apple surging past estimates on both lines over the past four quarters by a wide margin.

However, BofA analysts now frame the next test around Apple’s Q3 Services momentum, which could keep its bull case alive and potentially lead to a richer multiple.

That matters because Apple stock trades at a nosebleed valuation, nearly 32 times forward non-GAAP earnings, about 11% above its five-year average,…