UPDATE: Needham Downgrades Apple To Buy, Raises Target To $350, Adds To Conviction List Again In 2020 As Firm Cites 6 Reasons:

1. 'AAPL has direct relationships with 900mm of the wealthiest consumers in the world' 2. 'AAPL is transitioning to a recurring-revenue business model, which is driving multiple expansion' 3. 'AAPL

Benzinga · 01/06/2020 18:10

1. 'AAPL has direct relationships with 900mm of the wealthiest consumers in the world'

2. 'AAPL is transitioning to a recurring-revenue business model, which is driving multiple expansion'

3. 'AAPL is indifferent to which apps are most popular on its platform (ie, it’s an arms dealer)'

4. 'AAPL is a pure play on the trend toward "always-on" mobility'

5. 'AAPL’s compensation structure is a hidden asset that drives valuation upside'

6. 'AAPL benefits from Network Effects'