The Verizon iPhone is now official and Verizon will start selling Apple’s smartphone on February 10.

If you get a two-year contract with Verizon, the price of an iPhone 4 with 16GB will be $199.99 and $299.99 for the 32GB model.

Ticonderoga Securities analyst Brian White says the Verizon deal will drive incremental revenue and earnings at Apple: Assuming Verizon activates 13.2 million iPhones over the next 12 months or 11.7 million iPhones for the remaining months (following the 2/10 launch) in calendar year 2011 and 75% of these customers are incremental to Apple versus our current iPhone forecast (i.e., some customers would have purchased the iPhone from AT&T (T, $27.89, NR) this year and already reflected in our model), we estimate incremental revenue of approximately $5.36 billion and conservatively estimate EPS of $1.34 in calendar 2011. This compares to our current calendar year 2011 revenue projection of $92.3 billion and pro forma EPS estimate of $20.06. With Apple reporting next week (January 18), we are not adjusting our model for today’s announcement. (via Forbes)

Highlights from the Verizon iPhone announcement

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