Apple could release both a cheaper iPhone, as well as a larger smartphone as early as this fall, Steve Milunovich of UBS said Thursday.
"We do think next year you might see a larger form factor from Apple," he said. "I would guess, though, maybe 4.8 inches. I'm not sure they're going to go all the way to, say, 5 or 6, as some of the Android players are. Our supply checks don't see that phone yet."
Shares of Apple gained 0.87 percent to close at $435.96.
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On CNBC's "Fast Money," Milunovich said that consumers could see the new phones as early as this fall.
Channel checks didn't appear to show that Apple would go head to head with the likes of Google, Samsung and HTC's 5- and 6-inch-screen smartphones, he added.
Milunovich cited CEO Tim Cook's keynote address at Apple's Worldwide Developers Conference, in which he said that the company's focus was on better products, not more products.