“Wells Fargo Securities announced on Wednesday that it will resume coverage of Apple as it expects the 2012 iPhone to drive the ‘largest product cycle in consumer electronics’ history’ when it arrives later this year,” Josh Ong reports for AppleInsider.

“Analyst Maynard Um reinitiated coverage in a note sent to AppleInsider, rating Apple as Outperform with a valuation range of $640-660,” Ong reports. “The investment bank believes shares of Apple are currently undervalued and will see growth after its expected ‘biggest product launch’ in both company and industry history with the next-generation iPhone, which is expected to arrive in October… He believes the handset’s launch will be boosted by an anticipated more-rapid carrier rollout than previous years and buzz from the device possibly being one of the last products that late CEO Steve Jobs had a hand in designing.”

Ong reports, “In addition to the iPhone, Um expects Apple’s other upcoming products to contribute to growth. He believes a so-called ‘iPad mini’ is on its way, as well as new iMac, Mac Pro and iPod models. A much-rumored ‘iTV’ Apple television set is not expected by the firm until calendar 2013 at the earliest.”

Read more in the full article here.

MacDailyNews Take: iPhone, bitch!

[Thanks to MacDailyNews Reader “Arline M.” for the heads up.]