View this article at: http://www.macnn.com/articles/06/11/20/second.apple.iphone/ Monday, Nov 20, 2006 12:05pm Apple developing 2nd iChat-based phone Apple is developing a second cellular handset that features 'messaging' capabilities, according to American Technology Research senior analyst Shaw Wu. "We believe it will focus initially on mobile IM as opposed to e-mail," Wu wrote in a research note obtained by MacNN. "From our understanding, [the new phone] will leverage off existing iChat software that runs on Macs." Time to market is uncertain because the new handset -- which Apple may brand as 'iChat mobile' -- is in the development phase, according to the analyst. The exact timing for Apple's original iPhone is still unknown, but Wu expects that a 'go-to-market' strategy continues to be the gating factor and that the phone will launch in 2007, with a potential release in the first half of next year. Additionally, Apple's new (PRODUCT) RED iPod nanos are selling well, according to Wu, who reiterated a 'Buy' rating on Apple shares with a price target of $92.