Apple's rumored Oct. 4 press event, expected to see the release of the iPhone 5, will focus on iOS 5 and its cloud service capabilities, an analyst at Jeffries predicts.

We expect Apple to conduct a press event on Oct. 4 with focus on iOS 5 and its cloud service capabilities. We also expect the announcement of an iPhone 5, which could be called the '4S' as Apple appears to have vacillated on the name, said Peter Misek.

He believes the iPhone 5 will have an A5 processor (the same as the iPad 2) a better camera, a slightly larger screen, and be slightly slimmer. He also expects the announcement of a low-priced iPhone that will basically be a 3GS.

He expects carriers (including Sprint with about 50 million subscribers) to launch the phones starting in mid-October.

Earlier, Misek believed that T-Mobile, with about 34 million subscribers would also carry iPhone 5 in the calendar fourth quarter. But now he feels this could be delayed, possibly due to the pending AT&T acquisition.

Finally, he expects an iPhone launch at China Telecom, with about 108 million subscribers, in next year's calendar first quarter.

We expect three iPhone models going forward: iPhone 5 (or 4S), iPhone 4, and a lower-priced 3GS targeted at pre-paid and emerging markets. We expect mid-October launches at carriers including Sprint, said Misek.

In addition, his checks indicate Apple will make 35 to 40 million iPhones in calendar fourth quarter, while he estimates shipments of 26 million. He also said Apple would make far in excess of 100 million iPhones compared with his estimate of 115 million.

He expects an iPad 3 launch in calendar first quarter and an LTE iPhone in the first half of calendar 2012.