iPhone 5 rumor of the day: Apple to begin assembling device by end of August

Wall Street analysts are joining tech bloggers who are anticipating the production if not unveiling of the iPhone 5 within the next 60 days.

As first detailed by AppleInsider, Morgan Stanley analyst Katy Huberty is telling clients that the iPhone 5 will come out in late third quarter.

“Apple’s next iPhone will begin production in mid to late August and ramp aggressively,” she wrote in a memo to clients after taking to key members of Apple’s supply chain in Taiwan last week.

A lower cost variation of the iPhone for developing companies might also be in the works.

Also, for those looking for an updated version of Apple TV, at least according to Huberty we are living in groovy times.

“We also believe Apple is in the early design stages for a TV,” she wrote.

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