Apple price target raised to $220 from $195 at Needham

Needham raised the firm’s price target on Apple to $220 from $195 and keeps a Buy rating on the shares. The firm is reducing its FY24 and FY25 revenue estimates by 2% to $396B and $418B respectively to reflect weakness in China device sales owing to expanding restrictions on Apple products in government buildings, but its higher price target is driven by the roll forward in its DCF valuation methodology by one year, the analyst tells investors in a research note.