Apple's next-generation smartphone, the iPhone 6, will reportedly sport a larger 4.8-inch display to better compete with rivals, according to a reputable analyst.

Many expected Apple to bump up the iPhone's display with the new iteration, but that obviously did not happen. The new-generation iPhone 5S and iPhone 5C launched with the same 4-inch display size as the one found on the iPhone 5. Rival smartphone makers, meanwhile, are pushing the limits with supersized handsets called phablets.

As the iPhone 5S did not come with a larger display, attention is now turning towards the next-generation iPhone 6 to increase the screen size next year. A few reports from several credible sources have already emerged with details about the next iPhone, indicating that Apple may finally be getting ready to take this step toward a bigger screen.

Jefferies analyst Peter Misek has now issued a research note to investors, reversing course on Apple, according to BGR. If the analyst had previously marked Apple shares with a "Hold" rating with a $450 price target, he is now more optimistic and put a "Buy" rating with a $600 price target on Apple's stock.

One of the reasons behind Misek's reconsideration is that his supply chain sources reportedly suggested that Apple is now getting better prices from its component suppliers. Aside from more favorable prices, the analyst also says that Apple is finally going to launch an iPhone with a larger display.

"Despite still seeing risk to CQ4 and FY13 revs, we now believe better [gross margins] will allow Apple to skate by until iPhone 6 launches with its 4.8" screen," wrote Misek in the research note, as cited by BGR. "We est ~50% of smartphone shipments have >4" screens and that iPhone 6 will catalyze a large upgrade cycle. The stock is attractive based on the attitude change, FY15 revs >+15%, and valuation."

While Misek did not prove to be accurate in each and every case in the past when it comes to yet-to-be-announced Apple products, he is currently considered one of the top analysts covering Apple. This does not guarantee that the iPhone 6 will definitely sport a 4.8-inch display, but it does bolster previous reports of a next-generation iPhone with a larger screen.