In a research note published to investors, Piper Jaffray analyst Gene Munster claims that Apple’s anticipated low-cost smartphone – the iPhone 5C – could ship without support for Siri, and may replace the fifth-generation iPhone 4S as the bottom of the company’s iPhone lineup.

Though Munster expects an iPhone 5S handset which corroborates with recent reports to launch, his expectations for Apple’s budget iPhone are interesting and unusual. While he envisages the smartphone to include a plastic outer-shell, a 4-inch screen, and less-impressive internal components (compared with the iPhone 5S), Munster also argues that Apple could be planning on launching the iPhone 5C without features available on the iPhone 4S or iPhone 5 – namely, Siri.

As such, with the iPhone 5C formulating Apple’s low-end smartphone offerings, “it makes sense,” Munster claims, for the company to discontinue its iPhone 4S. The rumored handset will sell for around $300, and the analyst predicts iPhone cannibalization of 25 percent (compared with previous figures of 50 percent).

On a final note, Munster agrees with AllThingsD’s Sept. 10 iPhone announcement rumor, and suggests that as a result, we’ll see both handsets become available sometime in October. He also argues for an “Apple HDTV” product to launch before the year’s out, and suggests that a wearable “iWatch” will launch in mid-2014.

We’ll keep you updated with further information as we receive it.

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