Wells Fargo Starts Apple (AAPL) at Outperform, $300-$320 Valuation Range

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Wells Fargo Securities initiates coverage on Apple (Nasdaq: AAPL) with an Outperform rating and a $300-$320 valuation range.

The firm believes Apple's stock has "upside on the strength of the iPad, additional iPhone carriers, and ramping Mac units." Wells Fargo also states, "Apple's opportunity is still early and remains under penetrated across the broad personal technology opportunity."

Apple Inc., together with subsidiaries, designs, manufactures, and markets personal computers, mobile communication devices, and portable digital music and video players, as well as sells various related software, services, peripherals, and networking solutions.

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