Apple's iPhone 5 May Launch in June

Speculation is mounting that Apple's (AAPL) eagerly-anticipated iPhone 5 may make its debut at a San Francisco event in early June.



The AppleInsider Web site notes that an unspecified corporate meeting is scheduled to take place at San Francisco's Moscone Center between June 5 and June 9, prompting speculation that the event is Apple's annual Worldwide Developers' Conference (WWDC).

Apple launched the iPhone 4 at last year's WWDC event.

The Moscone Center Web site provides scant details on the event, which apparently will take place at Moscone West, describing it as a convention/tradeshow. Apple has not yet responded to TheStreet's request for comment on this story.



Last year's WWDC took place at the same location from June 7 to June 11. The event also marked the launch of the iPhone 4, which has since gone on to become Apple's fastest-selling product.



Apple is widely expected to launch its next-generation iPhone sometime during the summer, maintaining its recent smartphone product cycle. There has also been chatter that the next iPhone will contain Qualcomm's(QCOM)world phone chip, enabling the device to work on both GSM and CDMA networks around the world.



With the Verizon(VZ) iPhone due to launch on Thursday, Apple's smartphone looks set to continue its upward trajectory. Analyst firm Needham & Company, for example, raised its Apple price target on Monday on stronger-than-forecast iPhone and iPad sales.

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Needham pushed its Apple price target from $375 to $450, citing 2010 iPhone sales which exceeded the company's forecast by almost 20%.



"The iPhone's imminent launch on the Verizon and possibly other CDMA networks could add five-plus percentage points to its share of the worldwide smartphone market," said Needham analyst Charlie Wolf, in a note. Apple currently has 16% of the smartphone market, according to Needham.



Apple shares closed up $5.35, or 1.54%, at $351.85 on Monday.



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