A Cowen analyst has predicted a mobile phone "shortage" in America to affect business in the fourth quarter.

Reported in a research note, the industry expert states that "multiple" contacts at handset manufacturers and distributors have indicated that the main American mobile phone operators are "scrambling to procure enough handsets to meet expected demand".

In particular supplies of GSM handsets are apparently due to run low. The shortages are said to run into "millions of units".

One of the analyst's contacts seemed to think that the reason for the shortage is due to an "issue" with LCD supply, but global demand for phones increasing, especially in emerging markets, is almost certainly also to blame.

Nokia, Motorola, RIM and Sony Ericsson's stock prices are all predicted to benefit from this industry-wide development.

Seen to verify this report is confirmation from a Credit Suisse analyst who said that third quarter handset demand is "significantly ahead of normal seasonality".