Apple's Delayed iPhone Gets New Name

NEW YORK, ( TheStreet) -- Apple's ( AAPL) iPhone 5 is still delayed and still 3G, according to an analyst.

Jefferies becomes the latest research shop to stumble on to the growing evidence that Apple won't have a 4G LTE iPhone ready for the usual June launch. This supports a story first reported by TheStreet that Apple's 4G LTE iPhone won't be ready until 2012.

According to a Jefferies report Friday, Apple won't be putting the Qualcomm ( QCOM) LTE chip in the next iPhone in September. Jefferies says it has also discovered that the next Apple phone will be called the iPhone 4S, similar to the 3GS that served as the last version of original iPhone design.

The latest update comes as Apple falls behind in the race against Google's ( GOOG) beefier 4G LTE Android phones with big screens, and super-speedy connections. Apple's next iPhone is expected to be a world phone working on any U.S. and European network but largely unchanged externally.

Apple's next iPhone -- arriving late with a minor upgrade -- may cause people to consider Android phones or wait for the 4G LTE device coming next year.

After gaining more than 60% last year, Apple shares have spent most of 2011 trading sideways. Investors seem to be awaiting either another major product launch to spark more buying or they are braced for a change atop the company should CEO Steve Jobs make his leave permanent.

Apple shares were down 1.6% to $341.00 Friday.

--Written by Scott Moritz in New York.

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