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Three new iPhones could be coming in 2009. The first is a 32G iPhone in multiple colours that is likely to arrive during the next six months. Next up is a lower-cost handset based on the 2.5G iPhone, which is targeted for China and India. Third is a smaller version – about one-third the size of the 3G iPhone – that costs 40% less and is also likely before year-end.

These predictions are the result of recent checks with carrier partners by Canaccord Adams analyst Peter Misek, who noted that carriers believe the smaller iPhone could have a $99 price point.

As far as rumours of a possible voice-only iPhone, the analyst said the likelihood of such a device is low because the entire premise of the iPhone is as a platform for data. The economics of such a device also look challenging assuming an iTouch with a voice-only chip, which suggests it would have to be given away for free.

He also said a voice-centric device would contain a key pad not a touch-screen and this would squander Apple’s (NASDAQ:AAPL) application store and iTunes.

So while Mr. Misek expects a healthy iPhone refresh cycle this year, he said it is too early to include very much upside in his formal estimates and near-term outlook for Apple shares.

“iPhone volumes continue to decelerate based on our recent checks,” he told clients, adding that Mac volumes are also likely trending below expectations.

The analyst is also concerned by the broader spending environment “as repairs to the consumer balance sheet have much further to go...”

As a result, Canaccord continues to rate Apple a “hold” with a US$90 price target.

Source: Canaccord: Three New iPhones Expected in 2009