Bear Stearns: iPod Phone ‘Appears In The Works’ (AAPL)

The Consumer Electronics Stock Blog posts that "following a meeting with top Apple Computer (AAPL) brass, Bear Stearns analyst Andy Neff sent a note to clients." Key excerpts include:

• Positive Management Meeting. After meeting with CFO Peter Oppenheimer and VP of Product Marketing for iPod Greg Joswiak, we came away optimistic about Apple’s outlook for 2H06 with potentially a complete refresh of the iPod, “true” video iPod and other new product launches, though timing is hard to call. While investors are anxious about iPod data points, we would use the near-term weakness as a buying opportunity. AAPL did not provide any new financial update.
• Innovation Is Key To Growth: Next Gen iPod Coming. While AAPL did not comment on potential new products, in addressing the issue of emerging competition and potential commoditization of iPod, it appeared to us that AAPL is likely to refresh the iPod product line ahead the holiday season (as it has done every year since the introduction of iPod). However, “true” video iPod (if launched) is likely to be offered as a complimentary product to iPods. Also, iPod phone appears to be in the works, although timing remains uncertain.