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) -- It seems as if


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low-end iPhone is a distinct possibility. If the phone does come to market, it's likely to come in multiple colors, one analyst notes.

Topeka Capital Markets

analyst Brian White, who rates Apple a "buy" with a $888 price target, says the so-called iPhone mini will come in as many as five colors and be released before Apple unveils the iPhone 5S. "Strangely enough and unrelated to the 'iPhone mini' with plastic casing, we had a discussion with a tech supply chain company around a 'lower-priced iPhone 5' that would be similar in look to the current iPhone 5 but with edges that are more rounded, a slightly thicker body, more color options and at a lower price," White wrote in his report.

There's been much chatter in recent months about Apple unveiling a

low-end iPhone,

as it seeks to stave off competition from


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Android-based smartphones.

Apple CEO Tim Cook left the door open for a low-end iPhone at last month's


conference when he said Apple has only focused on making one phone so far, but that it didn't rule it out making multiple phones in the future. "We haven't so far," Cook said referring to multiple iPhones. "That doesn't shut out the future. It takes a lot of really hard work to do a phone when you manage the hardware and software and services in it. We've put our focused on doing that right. We haven't been focused on working multiple lines."

White also noted that the iPhone 6 will have a larger screen size than the 4-inch display that's expected on the next iPhone, dubbed, the iPhone 5S.

Apple shares were lower in Thursday trading, off 1.6% to $437.88.


Written by Chris Ciaccia in New York

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