In a note to clients — as reported by “AppleInsider” ( Wedge Partners analyst Brian Blair says that, contrary to some reports, Apple will only release an updated iPhone 4S model and new 3G-enable iPod touch next month — and not the iPhone 5.

“We expect the focus of the new iPhone will be iOS 5, a speedier A5 processor and a higher resolution 8 MP camera with a small possibility of a larger 4-inch screen,” he said. “We believe the casing will be largely similar to the iPhone with some particular modifications to the antennae.”

Why no iPhone 5 in his crystal ball? Apple doesn’t need three smartphone models in the market to address the high end, mid-tier and low end since the iPhone 4 (with memory lowered to 8GB) “will drop to US$99 and effectively attack those markets, Blair says.