It’s the end of a new week and we almost got away with not hearing another rumor for the budget iPhone Apple is reportedly currently working on. But, alas, another week is yet to be complete without a regular dose of a budget iPhone rumor, so let’s just get this one out of the way, shall we?

The budget iPhone Apple is reportedly in the process of creating will come with fewer bells and whistles than people originally anticipated. A recently published note to investors by RBC Capital Markets’ Amit Daryanani says Apple is expected to launch “multiple new phones” between June and July of this year. The first being the most obvious, the iPhone 5S, while the budget iPhone will be an additional release which will feature a “plastic casing and no Retina display.” Daryanani also notes “with a lower price points, Apple will be able to target a growing and important part of the smartphone market (sub-$400 price band).”

Considering how long the budget iPhone has been rumored for, we’d be surprised if Apple doesn’t announce some kind of iPhone device that is geared towards emerging markets. Although, considering how good older iPhone models will still hold up in those markets, we could also see why Apple may not want to offer a new budget iPhone.

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