About a week ago, my good buddy from home told me about how he can't take his LG cell phone anymore. I told him to try out a different model phone, but he claimed that he really didn't like any other phone. He then added, "I heard Apple is coming out with a phone since they now have the rights to iPhone. I am definitely going to try it out." As an AAPL follower and enthusiast, I asked him why he was so passionate about Apple's rumored iPhone? He replied to me that, "Apple's products are superior, and Steve Jobs knows it."

My Apple enthusiast friends are convinced that the company has some sort of iPod-based phone in its near future. Apple's own executives in a recent quarterly earnings call even suggested the idea.

With the stock up almost 3.8% today, analysts for American Technology Research on Tuesday encouraged investors to get aggressive in purchasing shares of Apple Computer prior to the launch of the company's much rumored iPod cell phone, which they say is likely to revolutionize the handset industry. Likewise, UBS raised its price target on Apple Computer Inc. to $92 from $80, and maintained its "buy" rating on the stock. Analyst Shaw Wu told clients in a reasearch note on Tuesday, "Our research indicates that an Apple-designed smart phone has moved from concept to prototype and recently has progressed to near completion as a production unit."

Before Apple enters the cell phone market in the United States, it would first need to gain approval from the FCC. This is not a rigorous process and if this long awaited rumor is true, look for swarms of teens to go out and purchase the Apple-designed smart phone -- especially it it doubles as an iPod!

iPhone update: from concept to prototype originally appeared on BloggingStocks on Thu, 07 Sep 2006 15:56:00 EST. Please see our terms for use of feeds.