A cheaper iPhone may be on the way this summer. Apple is reportedly considering releasing the less-expensive model based on a note from RBC Capital Market’s Amit Daryanani to investors retrieved by Apple Insider.

"The low-end iPhone will have the same 4-inch form factor as the iPhone 5, but will have a plastic casing and no Retina display," Daryanani’s note read. "With a lower price point, AAPL will be able to target a growing and important part of the smartphone market (sub-$400 price band)."

The phone is expected to sell for less than $400, and Daryanani estimated the new iPhone could yield $22 billion in revenue and increase Apple’s stock by $50.

Also rumored to be on the way: an “iPhone 5S,” a new iPad, new iPad mini, an Apple television set and an “iWatch” smart watch.

The smartphone market has become extremely competitive as of late. Tensions have only heated up on the heels of the highly anticipated spring release of Samsung’s Galaxy S4. —Hal Sundt

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