Needham upgrades Apple to strong buy, sees 20% rally in the next year

Apple was upgraded to strong buy from buy at Needham on Thursday, as the firm primarily sees Apple's ecosystem as having "value upside."

Apple shares rose 0.5 percent in premarket trading from Wednesday's close of $188.16 a share. Needham also raised its price target to $225 from $180.

This is a developing story. Check back for updates.

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