Apple always has the rumor mill churning at full speed, and the upcoming iPhone 5S and rumored budget-friendly iPhone are again the center of attention.

Amid lots of rumors and speculation, the iPhone 5S is now pegged for an end-of-June release, while the low-cost iPhone will reportedly make its debut a few months later, in September.

The new projections come from Piper Jaffray analyst Gene Munster who, according to many, is the premier Apple analyst. Munster projected on Tuesday, March 26, that the Cupertino giant will likely unveil its next-generation iPhone in late June, CNET reports.

If this prediction proves to be accurate, the analyst believes that Apple will sell as much as 4 million iPhone 5S units before the end of the month and the quarter. Overall, with sales of iPhone 5 and iPhone 5S combined, Munster expects Apple to sell roughly 30 million iPhones during the June quarter. This, in turn, would mark a 15 percent increase year-over-year, as Apple did not ship the iPhone 5 until Sept. 5 last year and sales slowed until then.

Like many other analysts, Munster expects the iPhone 5S to sport relatively minor changes. He expects the phone to pack an undated and faster processor, a better camera and a new iOS version with software features tied to the hardware. According to the analyst, the iPhone 5S may also ship with a Near-Field Communication (NFC) chip for Passbook mobile payments, but that's an "outside chance."

When it comes to the long-rumored budget-friendly iPhone, Munster expects it to ship in September. Analysts expect this lower-cost iPhone to help Apple better compete with Android handsets in emerging markets. Unlike the steep price of an unlocked iPhone 5, which amounts to $649, the rumored budget-friendly iPhone would reportedly cost around $250 — considerably less.

Lastly, Munster always liked to toy with the idea of an Apple TV set, and now says the company could announce its new TV sometime in the last quarter of 2013. A smartwatch announcement would ultimately follow the TV set unveiling.

Munster believes that neither the television set nor the smartwatch will generate any substantial revenue for the Cupertino giant, but these gadgets would once again prove that Apple can still develop innovative products to tackle new market segments, revolutionizing the sector in question just as the iPad did with the tablet market.