iPhone 5

Apple's iPhone has enjoyed phenomenal success since its launch in 2007, and speculation is already mounting about the iPhone 4's successor.

"With the iPhone, we can expect the traditional new model mid-year," said TBR's Gottheil. "In addition to the usual smaller, faster, lighter features , longer battery life and better antennas, we could look for a stronger GPS application and more extensive use of voice recognition technology."

There has also been chatter that the next iPhone will contain Qualcomm's World Phone chip, enabling the device to work on both GSM and CDMA networks around the world.

"I'm not aware of any technical barriers to this, and it just makes a lot of sense, since consumers would then have the freedom to choose their preferred broadband vendor wherever they happen to be," explained Scott Grannis, an Apple and Qualcomm investor who writes the Calafia Beach Pundit blog.

Jack Gold, principal analyst of Jack Gold Associates, told TheStreet that he expects to see Apple push harder into the enterprise market and possibly introduce a lower-priced iPhone that could meet the needs of emerging markets. This, he said, could be priced at $199 or lower.

While Apple's growing popularity in the enterprise is undoubted -- a handful of Wall Street firms have reportedly added the iPhone to their list of work-approved devices -- a low-cost iPhone has proved something of a prickly issue for the tech giant. Jobs bristled when an analyst asked him about the possibility of a $100 iPhone during Apple's recent fourth-quarter conference call.

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