DETROIT, Mich. -

Apple analyst Brian White at Topeka capital says that a new, more cost efficient iPhone launch is "imminent", and that it could be out this July.

So what can we expect from the new iPhone?

White says he expects it to be roughly the same size as the iPhone 5, but with a slightly thicker body and a more tapered rounding. The edges are expected to be less squared off, but the length and the size are expected to be roughly the same or even identical (including a four-inch display).

In addition, the new iPhone is anticipated, for the first time, to come in five colors--and the back will be plastic.

The new iPhone is estimated at roughly $350-400. To give some context, last quarter Apple reported the average selling price of iPhones at $613, including iPhone 5S, iPhone 4S, and iPhone 4. The iPhone 5 goes for probably $650 or higher, making the new iPhone a mid-tier smartphone and reasonably priced phone for Apple.