(By Balaseshan) Apple Inc. (NASDAQ: AAPL) is expected to release a cheaper variant of iPhone during June at an estimated price range of $250-$350, according to media reports.
A cheaper version will open up "attractive new growth opportunities in China and elsewhere around the world," Topeka Capital analyst Brian White wrote in a note seen by the Forbes.
White anticipates the cheaper iPhone - possibly called "iPhone mini" or "iPhone Air" - to have a plastic body instead of metal and glass.
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Apple is testing iPhone models with various screen sizes, the Business Insider reported quoting White's note.
On the other hand, last month, Apple was rumored to work on a smaller and cheaper version of the iPhone, dubbed as iPhone 5S, which is expected to debut in late 2013 and priced between $99 and $149.
The launch of cheaper version of iPhone, which may be smaller than current models, is part of a push to gain customers in developing nations, Bloomberg reported citing people familiar with the situation.
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AAPL is trading up 1.06% at $480.00 on Monday. The stock has been trading between $435.00 and $705.07 for the past 52 weeks.