A lower-priced iPhone dubbed the Lite version kicked up dust over the weekend. The talk outlined the prospect of Apple embarking on a price war, probably aimed at keeping carriers by its side as smartphone battle is getting tougher by the day.

But now, more analysts are swinging to the idea that the talk of a low-end iPhone 4 is premature. It was reported that the low-end iPhone will be offered in September, along with the next generation iPhone, which has been delayed a bit.

BMO Capital's Keith Bachman ruled out on Monday the chances of a double offering. According to him, iPhone 3GS will continue to serve as the company's low-end handset, AppleInsider reported.

We believe that the [existing] 3GS will be the low-end iPhone,” Bachman wrote in a note to clients. Earlier, Deutsche Bank analyst Chris Whitmore had said Apple was planning to launch lower-priced iPhone for the emerging markets. He also calculated that the device may carry a price tag of $349 without any contract.

Meanwhile, Morgan Stanley analyst Katy Huberty said on Sunday Apple will begin the production of iPhone 5 in mid-to-late August, after apparently holding meetings with iPhone component makers in Taiwan last week. Huberty revealed this in a note to clients after possibly talking to Apple's supply chain links in Asia, adding credence to earlier rumors that iPhone 5's full-scale commercial production was slated to begin in July/August.

A Bloomberg report has quoted two sources, who are familiar with the product, as saying that iPhone 5 will be unveiled in September and that it will have a smarter chip and a better camera, among a host of other bells and whistles.