Analyst: Apple is Best Tech Growth Stock

The Apple rumor mill kicked into high gear Tuesday, with reports out about new and cheaper iPhones hitting store shelves in the next month or so.

According to Reuters, Asian suppliers to Apple have begun manufacturing a lower-priced version of its hot-selling iPhone 4 with a smaller 8 gigabyte flash drive. It also said that a source confirmed reports that the iPhone 5 will be launched at the end of September.

Collin Gillis, Senior Technology Analyst with BCG Partners, told the Fast traders he’s marking his calendar for a September 22nd release date for the iPhone 5 in the US.

That’s the Thursday before the quarter ends. He’s using history as a guide—he said Apple rolled out the iPhone 4 the Thursday before the quarter ended.

Gillis also thinks we could see a cheaper iPhone 4 coming out this fall because of the rapid growth of the product in emerging markets.

The bottom line—Apple remains their best growth idea in technology.

“You are talking about a company that’s growing about 80 percent on the top line, about 125 percent on the bottom line, [and] trading at 13 times earnings, 10 times when you back out the cash,” he said. “This is a company that has reasonable valuation. We’ve got fantastic growth.”

The smartphone market is hot, Gillis said. So for another play in that broader ecosystem, he suggests moving down the supply chain and looking at a company like Qualcom .

“We are selling more smartphones than we are selling PCs,” he said.  “And obviously the Qualcoms are doing quite well on this.”

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CNBC.com with wires.