As each day passes so do new rumors about Apple's latest unannounced iPhones. The latest rumor is a report from Jefferies analyst Peter Misek who is spilling some rumored but interesting tidbits on the next iPhones Apple plans on launching. You read that right, iPhones.

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Misek claims that Apple is currently testing two iPhone prototypes, an iPhone 5S and most likely the low-priced iPhone, which Apple is expected to announce this year.

The analyst reported in December that he believed Apple would launch an incremental upgrade to the current iPhone 5 and name it the iPhone 5S (following their naming scheme for incremental updates of iPhone models). The news of the iPhone 5S currently being tested could be the reason that Apple has reportedly cut back on ordering iPhone 5 parts as it makes the transition to offering a new model.

When it comes to the low-cost iPhone, Misek believes:

"Similar to the iPad mini, we expect a concentrated low-cost iPhone rather than a 'cheap' one," he said. "Likely specs: polycarbonate case with 4" non-Retina display and no LTE."

Misek agrees with many analysts who believe that a low-cost iPhone could dramatically increase Apple's smartphone market share. Apple would better compete with Samsung by diversifying its iPhone lineup by offering different models at different price points. The analyst expects the new iPhones - iPhone 5S and low-priced iPhone - to launch in the June/July time frame. He also believes Apple will launch the iPhone 6 later this year and the device will feature a larger 4.8-inch display.

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