In a research note dated November 17, the brokerage said it believes the online retail giant is now jointly developing the phone with the world's top contract cellphone maker Foxconn International Holdings Ltd.
"With the clear success of the Kindle e-Reader over the past 3 years, and Kindle Fire possibly succeeding in the low-priced tablet market, we view this as the next logical step for Amazon," the brokerage said.
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