Analyst Chris Whitmore with Deutsche Bank expects Apple to announce two iPhones in the coming weeks.

The Wall Street analyst believes that Apple will announce a completely redesigned aluminum unibody iPhone 5 and a low-cost iPhone 4S to gain a bigger share of the smarphone market.

The bill-of-material cost for the potential iPhone 4S is estimated at lower than $150, which will allow the manufacturer to sell it with a price tag of around $300-$350 without any carrier subsidy.

Whitmore sees the so-called iPhone 4S as basically an 8GB iPod Touch, with an added cellular antenna. If the device is sold for for more than $300, it could achieve margins of approximately 50 per cent.

For the iPhone 5, Whitmore believes that it will feature slightly larger screen and a better photo snapper. Some reports claim that the iPhone 5 will come equipped with an 8MP camera and an edge-to-edge screen.

When it comes to number of phones that Apple could launch this year, Whitmore’s views are in direct contrast with those of analyst Brian Blair of Wedge Partners. Blair recently said Apple would launch only one new iPhone this year rather than two models as claimed by many others.