Needham & Company analyst Laura Martin raised the price target on Apple (NASDAQ: AAPL) to $250.00 (from $225.00) while maintaining a Strong Buy rating.

Martin commented, "AAPL’s continuing transition from hardware (ie, distribution only) to an integrated content owner with captive hardware/distribution increases ecosystem lock-in, which drives upside to AAPL’s valuation in 2 ways (our view): a) more revenue per AAPL “member” from more devices & services; and b) more years in the iOS ecosystem (longer life-span). The third form of value creation underscored yesterday through a broader range of price-points is more on-ramps into AAPL’s ecosystem. iPhone prices will now range from $449 to $1,099 + trade-in credits + monthly payment plans. As AAPL’s life-span per user elongates, this drives a higher value for each new user. AppleTV+, at $5/month, starts a price war with NFLX and Disney+."