Verizon iPhone: Not As Done As You'd Like To Believe (VZ, AAPL)

Kauffman Bros. analyst Shaw Wu says the Verizon

iPhone isn't a sure thing at this point. In a report from

Wu says that the details are still being worked out and ultimately he believes that Apple's

smart phone will eventually come to Verizon, but Spring and T-Mobile should not be counted out. He goes on to say, "We believe the argument for AAPL to pursue Verizon sooner than later is to address the growing presence of Android. What better way to do that than where Android has seen the majority of its success?" All signs point to a Verizon iPhone next year. Two major signs are an unconfirmed source telling Bloomberg News that a Verizon iPhone will happen next year. Steve Jobs has also said that Verizon cell sites are on Apple's campus. Wu firmly believes AT&T

will lose exclusivity, as he notes in his report. "From our checks with industry and supply chain sources and a recent SEC 10-Q filing by AT&T mentioning that exclusivity with ‘a number of attractive handsets’ could end, we have conviction that the iPhone could likely finally be at another carrier besides AT&T here in the U.S. in 2011 and potentially at Verizon in 2011 or 2012." Shares of Verizon are down 10 cents to $29.31 and Apple is down $5.82 to $239.98. Is AAPL a Buy, Sell or Hold? Click