Wells Fargo Boosts Valuation Range on Apple (AAPL)

Analysts at Wells Fargo lifted their valuation range on Apple (NASDAQ: AAPL) from $620-$340 to $630-$660 following today's dividend and buyback announcement.

"We believe that the dividend will be a positive for the company and is a tax efficient response to their stellar cash generation given the cash repatriation issues involved," the analyst said. "We remain positive on continued growth of both the iPhone and iPad, and are anticipating increasing adoption within the enterprise markets as well. Given the ongoing trends to mobile computing, of which Apple is clearly taking advantage, as well as the company's propensity for significant outperformance, we are reiterating our Outperform rating on the stock."

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $585.57 yesterday.

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