Dell (DELL) has confirmed that it is developing mobile devices for China Mobile (CHL), Reuters reports. The new device is called the mini3i. The WSJ notes that the new device will support applications from China Mobile’s online store, launched today.

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Collins Stewart analyst Ashok Kumar this morning upped his rating on Apple (AAPL) to Buy from Hold, setting a $170 price target.

Kumar contends that Apple will gain share in the smart phone segment from both Research In Motion (RIMM) and Microsoft (MSFT) Windows Mobile. He also writes that Google (GOOG) Android is “positioned to be a winner” in the sector.

So back to Apple. Kumar says that a low bill of materials should enable Apple to hit a $99 price point on an 8GB iPhone, stimulating demand. He says a launch with China Mobile (CHL) “is an additional near-term catalyst.” Further out, he thinks the launch of what he calls the “iPhone nano” in the first half of 2010 should help Apple further expand its share of the smart phone segment.

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Apple (AAPL) rumor du jour: Research firm JLM Pacific Epoch is reporting that a publication called China Communications quotes “an insider close to China Mobile (CHL)” as saying the carrier has decided to sell subsidized Apple iPhones in China. Not the firm sourcing you might prefer, but interesting nonetheless. The item says that, according to the insider, “the would-be mobile partners are nearing the end of talks that aim to avoid passing on the relatively high price of iPhones to Chinese consumers by having Mobile subsidize the phones.”

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