Apple's Cheaper iPhone Could Launch As Early As June

Kevin Smith/Business InsiderTopeka Capital analyst Brian White says in a note to investors that a cheaper iPhone model will arrive in 2013 and have a plastic body instead of metal and glass.

White expects the cheaper iPhone to cost around $300 without a contract. For reference, the iPhone 5 starts at $649 without a contract.

The note also says Apple is testing iPhone models with various screen sizes. The new iPhones could launch as early as June 2013.

There's been a lot of talk about a cheaper iPhone model for emerging markets such as China since the WSJ reported Apple was working on such a device. However, WSJ and others have reported that Apple would make a cheaper iPhone before and that never happened.