Almost everyone is prying on Apple’s next-generation iPhone. We’ve heard countless reports about what the next iPhone will look like. Some reports are even suggesting that the Cupertino-based technology giant will launch as many as three iPhones this year. If all of that is starting to sound crazy, consider this entirely new perspective from Morgan Stanley analyst Katy Huberty. Huberty says that the next iPhone will look exactly like the iPhone 5. However, Huberty isn’t basing her claims from leaked photos or components.

Being an analyst, Huberty pointed out that Apple’s stock performance and gross margin peaked in March last year, months after the launch of the iPhone 4S, and started to drop afterwards. Capital equipment investments in preparation for the iPhone 5 most likely caused it. Using this trend, Huberty predicts that Apple will most likely follow the same pattern and release an iPhone called iPhone 5S, something that has already been reported by other analysts.

Now comes the boring part. Huberty estimates that the next iPhone isn’t that exciting, at least physically. She’s basically interpreting the lack of investment as a sign that the next iPhone will be something similar to the iPhone 5, although Apple should introduce new features under the hood.

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