Needhamanalyst Laura Martin reiterated a buy rating onApple Inc(NASDAQ:AAPL) and a $260 price target.

The price target is based on a Discounted Cash Flow (DCF) where Martin used a cash tax rate of 15%, a weighted average cost of capital (WACC) of 8.8%, and a long-term nominal GDP growth rate of 2%.

Martin projects that Apple's up-selling of devices, including wearables, accessories, iPads, Macs, and Vision Pro, will represent about $97 billion of revenue in fiscal 2025.

Assuming 50%- 80% churn out implies that an additional 50%- 80% of $97 billion of revenue is dependent on the iPhone, which would add an incremental 12% %- 19%. In...