(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.
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.
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.