Jim Cramer Reacts to Apple's Price Target Raise at Bank of America Merrill Lynch

TheStreet's founder and Action Alerts PLUS Portfolio Manager Jim Cramer wasn't so fond of the timing of Bank of America Merrill Lynch's price target raise for Apple (to $250 from $230).
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TheStreet's founder and Action Alerts PLUS Portfolio Manager Jim Cramer wasn't so fond of the timing of Bank of America Merrill Lynch's price target raise for Apple (AAPL) - Get Report(to $250 from $230).

"The stock has just had a very big move," Cramer noted. "Why not wait until it comes down - I like recommendations that are done on the downside - where they're not just catching up in terms of the price to earnings multiple."

Apple was the first company to cross $1 trillion in market cap earlier this month. 

Apple is a holding of Jim Cramer's charitable trust Action Alerts PLUS.