The launch of the 3G iPhone would occursimultaneously in all countries where the carrier operates but will not be announced until after the holidays (MacWorld?) to avoid impacting sales of the existing iPhone.
Such a drastic change in our rating on a company is possible only when two rare events occursimultaneously: (1) the business accomplishes a dramatic improvement in its underlying economics, and (2) the market price fails to recognize the turnaround.