Ahead of the Bell: Analysts cheer iPhone update

Apple Inc.'s new iPhone operating system should help the company win a larger share of customers buying smart phones, analysts said.

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Thomas Weisel analyst Doug Reid said Apple's presentation on the new features Tuesday left him "more confident that (Apple) remains well positioned to gain share in the smart phone market."

In a client note Tuesday, he estimated the Cupertino, Calif. company will capture 11.8 percent of that market this year, up from 7.7 percent in 2008. He kept an "Overweight" rating on shares.

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Apple's new software will allow users to cut and paste text for the first time and offers new tools to third-party software makers, including the ability to create applications that have items for sale within them and access to customers' iTunes library of songs.

Needham & Co. analyst Charlie Wolf told clients in a note Wednesday that the new system shows "that Apple is not standing still but continues to build on its leadership in the smart phone operating system and application software market." He kept a "Strong Buy" rating on the shares.