A new report from Jefferies takes a look at the best research out there on the next iPhone and puts together a list of the most probable through least profitable features to expect from the model. The report was authored by Jefferies Analyst Peter Misek, and also takes a look at the likely moves in Apple Inc. (NASDAQ:AAPL) stock price after the announcement.

Apple

According to Misek, features at the high end of likelihood include a launch on China Mobile in the fourth quarter of this year, and iPhone 5c with a 4″ screen available in six colors, and an iPhone 5s available in three colors, including champagne, with a 4″ screen and the new Apple Inc. (NASDAQ:AAPL) A7 processor.

Apple by numbers

The middle likelihood is given to features like an A6 processor in the iPhone 5C, the cheaper iPhone costing $400, and the presence of a fingerprint scanner in the iPhone 5s. Misek gives low weighting to rumors that Apple Inc. (NASDAQ:AAPL) will give the IPhone 5s more than three colors, or will implant a Near Field Communication Chip into the device.

After the iPhone 5s and iPhone 5c are announced, Misek expects trading in Apple Inc. (NASDAQ:AAPL) shares to be volatile. Misek’s estimates for earnings in the coming quarter are well below those of Wall Street, and he’s generally pessimistic about Apple Inc. (NASDAQ:AAPL) over the longer term. This report puts a price target of $450 on the firm’s shares.

Apple moving big on China

Apple Inc. (NASDAQ:AAPL) has announced an event in China on September 11, the day after the iPhone launch in the United States. The event is expected to be a China centered launch of the iPhone but there could be some surprises in store. Some analysts have postulated that the iPhone 5c won’t be available in the West at all. It may be a China-only iPhone.

The logic for that move is simple and attractive. Apple Inc. (NASDAQ:AAPL) isn’t losing all that many sales to low end Android models in the Western world, it’s losing them in developing markets. China is the world’s biggest mobile market, but the lack of an Apple Inc. (NASDAQ:AAPL) product that many there can afford is depressing its performance.

The iPhone 5c is not really a product anybody in the West is excited for. Unless Apple Inc. (NASDAQ:AAPL) take the opportunity to do something very different, it will likely be model similar to the iPhone 5s, but lacking in features and build quality.