A report in The Australian gave the lowdown on Apple's two latest models, the iPhone 5C and iPhone 5S. The upfront price for the iPhone 5C was pegged at USD 739 for the 32-GB models and USD 869 for the 64-GB models. Subscribers get a 4-inch Retina display and an 8 megapixel camera. The 5C also has an A6 processor as well as its bigger battery than its predecessor, the iPhone 5.

The iPhone 5S, meanwhile, costs USD 869 for the 16 GB model, USD 999 for the 32 GB and USD 1129 for the 64 GB model. For the higher price tag, subscribers get an A7 processor which is faster than the that of the A6 in the 5C, the report said. The camera in the more expensive model has the capacity to take good photos even in low light conditions. An added plus in the 5S is the M7 chip which doubles the iPhone as a health-fitness gadget.

The new phones may also be obtained on contract by those who would not be able to afford the upfront payment, the report said.

Fortune reported that Morgan Stanley had forecasted Apple sales to jump to 34.5 million units with the release of the new models this quarter. This would be 28% higher than the 26.9 million units sold in the same quarter last year. Meanwhile, Morgan Stanley also estimated the sales of Apple's closest rival, Samsung, to be even higher. Samsung's Galaxy unit was forecast to sell 47 million for the same quarter.