Cingular/AT&T stores nationwide are enjoying a spike in traffic caused by the Apple iPhone craze, said Merrill Lynch analyst David Janazzo.

Perhaps consumers are hoping Apple will accidentally ship the iPhones early? That or they’re surveying the stores and devising plans to get past the crowds in June.

Whatever the reason, AT&T, whose stock was up $0.90 yesterday at $38.81, has no cause for complaining.

“Given the mid-year launch of the iPhone, we think AT&T could use [iPhone] to bolster the re-brand of Cingular to AT&T,” said Janazzo.