A JP Morgan analyst predicts that Apple will launch two new iPhone models this fall. The iPhone 5 will be a lighter, thinner handset that will work on both GSM and CDMA networks, while the second device will be based on the iPhone 4 and will replace Apple?s iPhone 3GS.

JP Morgan analyst Mark Moskowitz wrote in a note to investors Monday morning claiming that the next generation iPhone will not support the fast LTE 4G wireless data networks:

"Our research indicates that the iPhone 5 stands to be lighter and thinner, carry a larger Retina display (vs. iPhone 4's 3.5 inch screen), and include an 8 megapixel camera with LED flash.We also expect the iPhone 5 to be a world-mode phone (i.e., GSM + CDMA) but not LTE-capable.

The new iPhone 5 stands to be based on the iPad 2's A5 processor or a newer A6 version. We also expect 1GB of RAM to increase memory access times. Other improvements are increased battery life due to advancements in battery technologies, the printed circuit board (PCB), the touch screen, and LCD power consumption metrics. Lastly, as is widely-expected, the iPhone 5 will be iCloudcapable and run on iOS 5, which offers many enhancements, including ones that are Android-like in nature, such as wireless syncing and advanced voice control."

Moscovitz added that Apple could announce deals with a big carriers, such as China Telecom, Sprint and T-Mobile USA.

Apple has not commented on the report.