Bear Sterns analyst Andrew Neff expects iPod upgrades, an iPod phone and even more support for multiple operating systems to come from Apple this year.

In a note to clients he distributed this week after meeting with Apple chief financial officer Peter Oppenheimer and vice president of iPod product marketing Greg Joswiak, Neff said he left "optimistic" on Apple's outlook for the rest of the year.

He predicts a complete refresh of the iPod range, a 'true' video iPod and "other new product launches", though he warned that the release schedule of such purported product innovations is "hard to call".

Some investors have been concerned at reports of relatively weak iPod sales in the current quarter, but Neff's meeting with Apple has led him to advise that clients use the current stock weakness as a "buying opportunity". He sees Apple stock as a 'buy' with a $94 price target.

"While Apple did not comment on potential new products, in addressing the issue of emerging competition and potential commoditisation of iPod, it appeared to us that the company is likely to refresh the iPod product line ahead the holiday season (as it has done every year since the introduction of iPod)," Neff wrote.

He added: "An iPod phone appears to be in the works, although timing remains uncertain."

The executives also confirmed that the new Windows XP-supporting Boot Camp software may emerge to be the thin end of an extensive wedge.

"While Apple launched Boot Camp to accommodate the use of Windows, it views the tight integration of hardware and software (Mac OS) as key to creating a superior user experience, although it is looking at different ways to better address users needs for multiple operating systems," the analyst wrote.