Katy Huberty with Morgan Stanley is predicting for a late September launch of the next generation iPhone. Chris Whitmore of Deutsche Bank speculates there will be a release of not one but two new iPhone’s this Fall. One will be the contract free iPhone 4S and the other will be the iPhone 5 sold under cellular carrier contract.

With Nokia and RIMM struggling, the time is right for Apple to aggressively penetrate the mid range smart-phone market (i.e. $300-500 category) to dramatically expand its [total addressable market] and market share.

The rumor mill continues on, we will find out the facts soon enough.

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