American Technology Research analyst Shaw Wu, in a note to investors on Monday, wrote that the recent announcement by Apple of an exchange program for its ultra compact USB power adapter shouldn’t be a source of concern.

Mr. Wu made the following observations:

• Doing The Right Thing Even Though Impacting Small Number of Users. While we view this as negative with headline risk, this appears to be impacting only a small number of users. Nonetheless, we believe AAPL is doing the right thing in offering a free product exchange and maintaining a high level of customer service.
• Little to No Disruption; 8 GB Models Sold Out. We have found little to no disruption of iPhone shipments (in fact we found several stores that were sold out of 8 GB models). What AT&T and AAPL stores are doing is removing the power adapter and selling the 3G iPhone without it. They are telling users that new adapters will be ready starting October 10.
• Most Use USB Cable To Charge Anyway. The reason why we don’t view this as a big deal is that most users charge their iPhones using the USB cable connected to their PC and/or Mac as they sync content with iTunes software.
• Doesn’t Seem To Be A Chip Issue. With the super small form factor, it appears it is not as durable as the previous adapter. This doesn’t appear to be a semiconductor issue, but rather that the metal prongs were not set in strong enough.

Mr. Wu maintained his Buy rating on AAPL with a target price of US$205.