Wells Fargo resumes coverage of Apple (AAPL) with an Outperform and $640-$660 valuation range....

|About: Apple Inc. (AAPL)|By:, SA News Editor

Wells Fargo resumes coverage of Apple (AAPL) with an Outperform and $640-$660 valuation range. The firm predicts big things for the next iPhone, and notes iPhone launches and subsequent earnings beats have "historically been the biggest share catalysts for Apple." It adds shares are trading at just 10.5x estimated FY13 EPS. 46 out of 51 analysts covering Apple have bullish ratings, according to recent Thomson/First Call data.