Apple fans who have been waiting patiently for the iPhone 6 might have to wait a bit longer - until June 2014 before they can get their hands on the device. According to a new report, Apple is planning to launch the iPhone 6 in 2014 with a larger display than the iPhone 5. However, this larger display iPhone will not suffer the tradeoffs associated with phablets.

Whatever Apple has done, it appears the company has found a way to make the iPhone 6 display bigger but still maintain that small and comfortable form factor. How is Apple able to do this? Well, according to Jefferies analyst Peter Misek, it has all to do with the new display technology and the time it takes to transition over to it.

If everything goes according to how Misek puts it, then iPhone fans will have to contend with the incremental upgrade that is the iPhone 5S. Misek believes Apple will focus on improving the processor and the camera for the iPhone 5S. Furthermore, there should be a new payment platform based on Passbook, along with a fingerprint reader for locking and unlocking the device.

Other report suggest Apple is working to revamp iOS, and all that hard work should show up in iOS7 on the iPhone 5S later in the year.

"While EPS came in at US$44.14 for fiscal 2012, the analyst thinks that number could fall as low as US$27 in 2014 - assuming flat iPhone sales, average sales prices decline 20% and overall gross margins dip to 31%.

"These are far below projections from both Jefferies and the Street.

"While improbable these situations are not impossible if the 5S is received similarly to the 5, the iPhone 6 is costly, and the low-cost iPhone proves to be too high priced," Misek said to Financial Post.

Whatever Apple is planning, it must move fast as Samsung is already gaining an advantage with the recent release of Galaxy S4.