Apple Will Release iPhone 4S Or iPhone 5

According-to CNN, that in a note issued early Monday, Deutsche Bank's Chris Whitmore is telling clients to expect that Apple will release both iPhone 5 and iPhone 4S. They expect that Apple will release minor update to iPhone 4, dubbed the iPhone 4S, and major update alongside the major iOS 5 calling it iPhone 5.

"With Nokia and RIMM struggling," he writes, "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."

As Whitmore sees it, an iPhone 4S that is unlocked, priced around $349, and comes with a pre-paid voice plan would "drive significantly greater penetration" into an addressable market that has grown to include 1.5 billion potential customers in 98 countries, two thirds of whom prefer pre-paid plans