The analyst says checks in Asia and Japan indicate that a July launch is possible but it's still a bit early to be certain. However, supply chain vendors are getting ready for an earlier production ramp up than prior years.
"Recently, the company has been introducing new lineup in September time frame whereas the next generation phones could come out in July this year," he said. "The earlier launch will be helpful for Apple as it will ensure significant availability and distribution of the new device during the holiday season."
As previously predicted, Lamba says Apple could introduce multiple models of the next generation iPhone with varying screen sizes from 4.7-inches to 5.5-inches. Also the functionality of the fingerprint sensor may expanded to support more applications.
In regards to a smartwatch, Lamba says the timing is uncertain but he expects an introduction sometime in 2H14.
Finally, the analyst gives AAPL an outperform rating with a price target of $575.
Apple is rumored to be equipping the new iPhone with a sapphire display; however, despite putting a rush on their new sapphire plant, it's unlikely that it would be able to produce enough sapphire glass by July. Please follow iClarified on Twitter, Facebook, Google+, or RSS for more updates.