On June 29, Apple’s iPhone will finally be unleashed on the public. While it’s a potential homerun for Apple, is there a play to be made on AT&T (Symbol: T) or will the stock experience a pullback?

Recently, I’ve heard many stock traders touting AT&T. According to them, the stock is a “can’t miss” play. For those in the dark about why I’m talking about an Apple product and AT&T, let me explain.

AT&T, which bought Cingular, has a contract with Apple to be the exclusive service carrier of the iPhone. The actual time frame isn’t known, but most experts believe it’s a five-year deal.

The sales projections for Apple’s iPhone, which will have $499 and $599 models, are all over the board. The consensus appears to be that Apple will move 3-5 million iPhones initially, and 10-15 million in 2008. There are some lofty figures of 45 million units by 2009.

The big question for AT&T investors isn’t that iPhones will be sold, but how many of these buyers will be “new money” for the company. That remains to be seen.

While the iPhone will ship with extra unlocking protection—to help protect AT&T’s exclusivity—there are already online stores ready to offer unlocked iPhones.

AT&T representatives said that the company has received over one million inquiries about the iPhone. Here’s the potential rub. According to sources, AT&T won’t require existing customers to extend their contract to get an iPhone. Customers will simply upgrade their services.

How about the stock itself? It closed at $40.28 on June 15 and much of the hype of the iPhone is already priced into the stock. Can you still make quick gains or is it best to stay on the sidelines?

Here are some reasons why you might want to wait to own this stock. As of this writing, AT&T hasn’t released the details of their “required” contract for new customers buying the iPhone or what their service will cost existing customers. There’s been a faulty line of thinking among analysts that those buying iPhones somehow don’t care about money. If the plan(s) offered by AT&T is too pricey, we may see a backlash.

AT&T’s stock might be very fragile now. It’s quite possible that any bad news, which includes anything that’s less than expected, could send the stock down quickly. Might we see the stock drop to $35?

The iPhone has consumers in a frenzy, but will many opt out of being an early adopter? There are a growing number of potential iPhone buyers that are taking the wait and see approach—including smart phone experts and junkies. Many are feeling that the first version will have issues and that by waiting six months to a year, they can get a much better second version and perhaps at a cheaper price.

We may see an initial burst of buying and then a lull until Apple releases an iPhone update.

On June 29, the iPhone will only be available through Apple and AT&T stores. Sales will expand to other outlets later. However, those first-day sales will probably affect the immediate price of AT&T stock. If the sales figures are less than immaculate, those who are euphorically buying AT&T stock now—visions of $50 in their heads—will panic.

*Image courtesy of Apple (Apple.com)