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Needham upgrades Apple to 'strong buy'

Needham analyst Laura Martin upgraded her rating on Apple Inc. shares to "strong buy" from "buy," TheFly.com reported March 21.

Martin, who raised her price target on Apple stock to $225 from $180, said the company has five types of "network effects," including hardware-based direct network effects. The analyst believes these "strong network" effects makes Apple "most likely to prevail in a direct competition between FAANG [Facebook, Apple, Amazon, Netflix, Google] ecosystems."

The tech giant is expected to unveil a new streaming TV service and a bundled subscription Apple News offering at a March 25 event.