Updated from 8:37 a.m. to include additional information about the A7 and M7 chips on the second page.
NEW YORK (TheStreet) -- It's no secret that Apple's (AAPL - Get Report) biggest revenue engine is the iPhone. With the iPhone 5s and 5c on the market for nearly six months now, all eyes are turning towards the iPhone 6. That may come sooner than you think, according to one analyst.
Jefferies analyst Peter Misek, who rates Apple shares "buy" with a $625 price target, believes the next version of the iPhone, which he calls the iPhone 6, is due for a late summer release. "Our checks indicate Apple is trying to improve yields and cost down the On-Cell screens for the iPhone 6," Misek wrote in the note. "Additionally, we believe Apple is working on significant modifications to the camera module processor and potentially a new co-processor alongside the M7 for biometrics and sensors related to health. We believe these modifications require more time and as a result a late summer launch is now more likely."
There's been speculation that Apple would move away from naming the next iPhone using a number, and instead, refer to it as the iPhone Air, following the successful launch of the iPad Air.
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As Cupertino, Calif.-based Apple's revenue growth slows, it's increasingly looking to new products, and ways to enhance additional products, to boost growth. Misek believes the next iPhone cycle is going to be a "significant product cycle," with the next version of the iPhone being much larger than the current 4-inch screen on the iPhone 5s and 5c. In the past Apple CEO Timothy D. Cook has said that Apple would not rule out making a larger iPhone, but is not willing to make the tradeoff for a larger screen until the resolution quality is there.