The recent resurgence of “iPhone nano” rumors has Wall Street analysts working overtime. They already love Apple, which has basically been printing money lately, and rumors of Cupertino cooking up a smaller, cheaper iPhone could certainly send Apple’s mobile profits even further skyward. In fact, one analyst thinks a cheap version of Apple’s iOS-powered smartphone could expand its addressable market by a whopping 600%, therefore potentially giving iPhone profits a 250% boost. Bernstein Research analyst Toni Sacconaghi thinks Apple needs either needs a cheaper iPhone or more carrier agreements in order to increase its smartphone market share — a notion that borders on the obvious. The former option, a cheaper iPhone, could be achieved by building a smaller phone with a smaller display panel. But Sacconaghi loses us entirely when he pitches another possibility that Apple might address new customers by offering an iPhone that doesn’t require a data plan. Apple has more muscle than any other cell phone maker right now, no doubt, but carriers would never sell an iPhone that didn’t help them reel in the dough on precious data plans.