Shares of Apple (AAPL) - Get Apple Inc. (AAPL) Report were higher during mid-morning trading on Tuesday after Needham reiterated its "Buy" rating on the stock and $165 price target.

Further, the firm raised its estimates for the fiscal year ending September to exhibit "pent-up demand for the 10th anniversary iPhone."

Needham analyst Laura Martin increased her estimates for this year to $229.88 billion in revenue and $9.06 per share in earnings, up from a prior $228.16 billion and $9.02 per share.

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"Our survey data indicates higher demand for the 10th anniversary iPhone models than previously," Martin wrote.

"Fundamentally, we think the right way to think about AAPL's barriers to entry, pricing power, and competitive advantage period is through the lens of its ecosystem dominance of the wealthiest 15% of smartphone owners globally," she continued.

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