The next generation iPhone, currently dumbed as the iPhone 5,its gootball is expected to be the biggest launch in Apple's history, according to a UBS analyst, who predicts a significant boost in Apple's price target.

UBS analyst Maynard Um predicts that Apple's price target will rise from $550 to $675 amid the iPhone 5's release, expected later this year.

We expect Apple to launch its redesigned iPhone 5 in October & expect the company to accelerate the number of initial carriers it sells into to drive its biggest launch ever, the analyst wrote when raising his price target, according to the Mac Observer

 Although supply chain constraints are difficult to assess at this point, we expect Apple to be prepared for a big launch. While the iPad 3 reception & dividend are important, we believe the iPhone 5 will trump both as a catalyst, he added.

Apple is yet to announce the iPhone 5, but many analysts are anticipating a re-design of the phone that will lead to high demand.

Here are the latest rumors surrounding the iPhone's release:

Release Date:

After great media hype, iPhone customers expected the iPhone 5 to be released in October 2011, but instead the iPhone 4S was unveiled. Popular rumors suggest the phone will be launched at the Worldwide Developers Conference in June, but is highly unlikely as Apple usually has its own event to launch new models of its products.  

A recent report in the Japanese blog Mocotakara, says that Apple will abandon its mid-year iPhone releases and instead switch to a 12-month launch model. This may mean we have to wait a little longer to get a glimpse of the new iPhone but the rumor seems realistic as the iPhone 4S launched in October last year instead of the usual iPhone mid-summer launch period.

Display:

The latest iPhone 5 rumors point to a 1280 x70 resolution with a Quantum Dot LED curved glass edge-to-edge display. Since the new iPad launched with a 2048 x 1536, 3.1 million pixel Retina Display-- the most ever in a mobile device. A bigger 4-inch or 4.3-inch screen is also on the rumors cards, after many iPhone customers have criticized the iPhone screen for being too small.

Processor: 

The iPhone 5 will is expected to have an A6 Chip. An A6 chip would double the power of the A5 chip that is currently used in the iPhone 4s and the iPad 2.

iOS 6 Software:

Ars Technica has published some analysis that suggests some iPads are already running on iOS 6 software. The new iPad was launched with iOS 5.1, but iOS 6 could be unveiled at the Worldwide Developers Conference, where the iOS 5 software was revealed last year, and if that's the case it is likely to feature in the iPhone 5.

Better Battery

The iPhone 4s's battery life is one of its most criticized features. Apple tried to fix the bug with an iOS 5.0.1 update, and while some users said it had improved their battery life, other complained that the performance wasn't good enough. It is therefore likely that Apple are focusing on overall higher battery life and performance, which is paramount if it keeps introducing battery draining features like Siri.