Wells Fargo analyst Maynard Um raised his 12 month target value range for Apple's stock on Friday because the number of iPhone carrier deals the company has in place is on the rise. Currently, 323 cell service carriers offer the iPhone, up from 316 only a month ago. His target range is now between US$595 and $640, up from $515 and $585.
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It may not seem like there are many places for Apple to continue expanding iPhone availability, but clearly there are. More carriers means more potential iPhone sales.