Needham & Company raised its price target on Apple (NASDAQ: AAPL) to $220.00 (from $210.00) while maintaining a Buy rating.

Analyst Laura Martin comments "We believe the best way to value AAPL is as an ecosystem with de facto members or “subscribers,” because our research indicates an average iOS consumer stays within the AAPL ecosystem for 10 years. AAPL has been rapidly introducing new products, which builds value in three ways: a) diverse products create more on-ramps into AAPL’s ecosystem; b) selling new products to ecosystem members raises the average revenue and value per member; and c) bigger bundles of products increase stickiness, which lowers churn and elongates the time members stay inside the AAPL ecosystem, raising their lifetime value. We believe the AAPL ecosystem has 823,000 unique members who own 1.4B active devices."