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A customer looks at an iPad 2 at South Korean mobile carrier KT's headquarters in Seoul. Reuters/Jo Yong Hak

Weeks away from announcement news of iOS 5 or the iPhone 5, a new report from J.P. Morgan analyst Mark Moskowitz says the Wall Street firm expects Apple to release two new iPhones: a brand-new model with a new appearance, and a revamped iPhone 4 model, presumably called iPhone 4-plus.

Our research indicates that there will be an iPhone 5 based on a lighter, thinner form factor that is GMS + CDMA capable, i.e. a 'world-mode' smartphone, Moskowitz wrote. A second device (4-plus) based on the current iPhone 4, but with some minor improvements, could target the midrange and focus on China. As for the current iPhone 4, we expect it to subsume 3GS as the lower-end offering.

Furthermore, Moskowitz addresses the iPad 3 rumors:

In recent months, there has been rising investor speculation that a new iPad 3 would be launched for the holiday season, Moskowitz wrote. Our latest research continues to indicate that there is no such device slated for production this year... There are prototypes in the supply chain related to the next-generation device, but our conversations with industry participants suggest that a new device will not be available until sometime in calendar 2012.

There's a fair share of wildly inaccurate iPad 3 rumors. But rumors about slimmer iPad 2s called iPad 2 Plus, and HD iPad 2s were later proven to be false. Moskowitz believes Apple is in no hurry to rush out a product before it's ready.

We do not think Apple needs to be in a rush to unveil a new iPad, he wrote. The other tablet entrants have stumbled so far, and that trend-line could persist deep into 2012. Motorola Mobility and Research In Motion have been recent disappointments, and we expect more stumbles from others.

The iPad 3 would surely benefit from a holiday 2011 release, but analysts close to the situation believe that manufacturing and supply chain issues have contributed to the delay of Apple's new tablet. Of all of the rumors, the one sure-fire feature of the iPad 3 is its 2048x1536 pixel display, an enormous visual upgrade from the iPad 2's 1024x768 pixel display.

The rumor of two new iPhones, however, isn't so crazy. Several analysts have speculated Apple was working on a high-end new model, which was later bolstered by screenshot evidence. Yet, while such a move would be first for the Cupertino, Calif.-based company, Moskowitz's predictions are entirely plausible. It's abundantly clear that Apple plans to release a brand-new iPhone sometime in the next month or two, but a souped-up iPhone 4 makes sense as well. Despite the excitement surrounding the iPhone 5, iPhone 4s are still selling extremely well, and many believe that a cheaper phone alternative from Apple would excel in large subscriber markets like China.

One analyst believes Apple will sell another 18.5 million iPhone 4s in the September quarter alone.