Topeka Capital analyst Brian White says the launch of a low cost iPhone is 'imminent' and it could be out this July.

White,
who is at the Computex trade show in Taiwan says he's spotted an
"iPhone Mini" accessory at the show. Strangely, he is calling the low
cost iPhone an 'iPhone Mini' despite calling for a device that is about
the same size.

"Essentially, the 'iPhone mini' body is slightly
thicker than the iPhone 5 and the four corners have a more tapered
rounding, the edges are less defined but the length is identical
(including a four-inch display)," says White. "Also, as we indicated
earlier this week, the 'iPhone mini' is expected to come in five colors
(i.e., white, black, pink, blue and yellow) and the back will be made of
plastic."

White expects the device to cost between $350 to $400. Notably, a recent report from Morgan Stanley analyst Katy Huberty said Apple will price the low cost iPhone at around $399. The company's gross profits are said to increase at above $349 and its gross margin would increase above $393.

[via BusinessInsider]