Updated models with AMD graphics options expected in early 2017.
Analyst Predicts New iPhone 5S in June, Low-Cost iPhone in September
He believes the 5S will have incremental upgrades with a faster processor, better camera, and "an outside chance" that the device will gain an NFC chip as part of a digital wallet initiative. He also notes that some kind of biometric security feature is a possibility, but believes that is more likely in a future iPhone 6.
Regarding the lower-cost iPhone, Munster writes:
We continue to believe Apple will have a cheaper phone product to address the emerging markets. In recent public comments, Tim Cook noted that the original iPod cost $399 and eventually the company released a $49 iPod Shuffle which addressed a broader market. We believe Apple will likely introduce a cheaper device in the September quarter.Earlier this year, KGI Securities analyst Ming-Chi Kuo -- who has a very good track record in recent years -- also predicted an iPhone 5S in June or July, with a lower-cost iPhone around the same time.