Needham raises Apple price target to $450 on wearables, tied for highest forecast on Wall Street

People wearing face masks look at a cellphone outside an Apple store during a May Day holiday in Shanghai on May 1, 2020.
Hector Retamal | AFP | Getty Images

(This story is for CNBC Pro subscribers only.)

Apple's services and wearables revenue can drive the stock higher, according to Needham analyst Laura Martin. 

The Wall Street firm — which has a buy rating on Apple — raised its 12-month price target on the stock to $450 per share from $350 per share on Wednesday, helping to send shares of the iPhone-maker up 2% in premarket trading.