A rumored contract-free, low-cost iPhone geared toward emerging markets could net Apple $6.5 billion in revenue this year, one analyst believes. From Apple Insider:

Gene Munster of Piper Jaffray believes there's a good chance Apple will in fact release a new low-cost iPhone model this year. Unlike new reports that have claimed the device could be priced between $99 and $149, he expects Apple will charge around $199 for a new unsubsidized iPhone.

At that price, the new, less expensive iPhone model would be a significant discount over what Apple currently offers: A contract-free iPhone 4 costs $450 in the U.S., while taxes bring the cost up to $490 in China and $750 in Brazil.

Low-cost iPhone seen generating $6.5B in 2013 revenue for Apple