iPhone Mini Release Date: Low-Cost Apple Smartphone to Have 4-inch Non-Retina Display for Summer Launch [Rumor]

The idea for Apple to develop a low-cost iPhone has captured the attention and recommendation of another analyst.

RBC Capital Markets analyst Amit Daryanani, in a note to investors on Friday, said Apple plans to launch "multiple new phones" during June or July this year. Daryanani's note also included the successor of the iPhone 5 - the iPhone 5S.

According to the RBC Capital Markets analyst, the low-cost iPhone will maintain the same screen size as the iPhone 5. With the four-inch screen in tact, the low-cost Apple smartphone will also have plastic casing and will not feature Retina Display.

"With a lower price point, [Apple] will be able to target a growing and important part of the smartphone market (sub-$400 price band)," Daryanani said, believing the product will give the Cupertino-based company $22 billion in revenue.

Daryanani's note is the latest from a growing list of analysts speculating on the low-cost iPhone.

Morgan Stanley analyst Katy Huberty issued a note in late February about the low-cost iPhone.

"We believe Apple could launch iPhone Mini at $330, in-line with flagship products in China from Lenovo, Huawei, ZTE and Coolpad," wrote Huberty. "Even in a scenario of low 40 percent gross margin and 1/3 iPhone cannibalization rate (flattening legacy iPhone shipment growth), which we view as conservative, the iPhone Mini adds incremental revenue and gross profit dollars."

According to Piper Jaffray analyst Gene Munster, the low-cost iPhone could launch in September. He added, the cheaper iPhone could debut in the China and India markets and sell approximately 27 million total units by the end of 2013 and increase up to 96 million units sold by the end of 2014.

BTIG analyst Walter Piecyk stated approximately 36.5 million units of the low-cost iPhone can be sold during the 2014 fiscal year if given an average non-subsidized price tag of $300. With such price, he noted the low-cost iPhone could add $11 billion to Apple's revenue.