For some time, there was no news about the next version of iPad mini. Now, according to a CNET report, the second generation iPad mini will come with a Retina display in the third quarter this year.

However, a shocker is the suggestion that the Cupertino-based company is going to launch an updated version of the new device in the first quarter of 2014.

NPD DisplaySearch analyst Richard Shim told CNET that Apple will update the second generation iPad mini in 2014 and the device is expected to sport a new and more powerful processor.

"We see two refreshes coming. One in the second half of this year, then one in Q1 of 2014. The Q1 device will have a Retina display plus an updated processor," the report quotes Shim as saying.

This is not the first time the theory of two iPad minis has been brought out by an analyst. Late last month, KGI Securities analyst Ming-Chi Kuo, in a keynote suggested that Apple might bring out a low-cost iPad mini before the launch of the iPad mini with Retina Display.

"Prior to [the] iPad mini 2 launch, Apple might roll out a more affordable iPad mini to compete with Android products," said Kuo, as cited by MacRumors. "To cut costs, Apple might push for lower component prices, use a more advanced process to produce the A5 processor, simplify metal casing production, remove the rear camera, cut storage to 8GB and find more component suppliers to lower costs. We think this cheaper iPad mini [could] retail for US$199~249."

Kuo did not talk about the timeframe of the release.

However, the two different reports point toward two different things. While Kuo indicates one of the devices will be low-cost, Shim's prediction is completely the opposite.

Shim thinks that the second version of the device will shun the Retina Display and come with LTPS, or the low-temperature polysilicon that is used in the iPhone 5.