NEW YORK (AP) — Motorola’s smartphone launch remains on track for the fourth quarter, said Oppenheimer analyst Ittai Kidron said in a note to investors Monday.

In July, co-CEO Sanjay Jha said that by the holiday season, Motorola will have two phones using Google’s Android operating software on sale through two U.S. carriers and multiple carriers overseas.

The analyst said he believes Europe will be a bigger focus for Motorola’s upcoming smartphone launches. He added that the company “is convinced it can offer a differentiated Android experience and carrier feedback has been positive.”

“While (the fourth quarter) is a key barometer to evaluate Motorola’s chances at succeeding as a smartphone vendor, 2010’s the real benchmark as it broadens its smartphone portfolio further,” Kidron wrote.

The analyst, who rates Motorola “Outperform,” added that it seems investors are taking a “wait and see” approach to the company before considering next steps.

Shares of the Schaumburg, Ill.-based company slid 19 cents, or 2.6 percent, to $7.07 on Monday afternoon amid a broader market decline.