The iPhone 5 is simply too expensive for emerging smartphone markets, where cheaper Android handsets rule. Hence, Apple is readying a low-cost model for delivery in the June-to-August time frame, or so says the seemingly well-connected Ming-Chi Kuo of KGI Securities. The rumored bargain iPhone will have a cheaper plastic and fiberglass case, the analyst says, resulting in a more affordable Apple handset for booming markets such as China, India and Brazil. The low-cost iPhone reportedly will feature 4G LTE wireless (unlike the older iPhone 4 and 4S), but will lack many high-end internals that are expected to grace the upcoming iPhone 5S, such as the A7 chip and a longer-lasting battery. A plastic case might also mean that Apple finally offers the iPhone in a rainbow of fun colors.