Just a few weeks after the official release of the iPhone 5S and iPhone 5C, many in the tech industry are already buzzing about the impending release of Apple's next flagship smartphone. On Monday a noted analyst wrote a note to investors in which he speculated that the new iPhone 6 might finally see Apple caving and adopting a larger display.

Peter Misek of Jefferies & Co., a noted Apple analyst with a track record of successful predictions, wrote a note to investors on Monday that raises his hold rating and $450 target for Apple to a solid buy with a new target of $600. This change came after he met with some retailers and other people close to the company and made the determination that the next iPhone will finally see the company decide to adopt a larger screens to compete with other smartphone makers like Samsung who have been increasing the size of their smartphones adopting a new phrase "phablets" (phone/tablet).

Although he didn't give a specific reason for his belief that next year's iPhone 6 will come with a 4.8-inch display, he seemed confident enough to tell investors to prepare their wallets for the change. Apple has been dragging its feet on making more large palm friendly smartphones for a while. For a time it was unclear if phablets were here to stay. Also, Apple likely didn't want to look as though it was responding to the intimidating success of some of its rival Samsung's larger display screens like the Galaxy S4 and, of course the massive Galaxy Note 3.

However, 50 percent of smartphones shipped in the second-quarter of 2013 had screens larger than 4-inches.

Meanwhile new reports from Frobes today speculate that the new iOS 7 might have to be completely reworked to function with a wider six-inch screen. The beta tests have officially been closed to developers meaning that if the company plans to start making the phone with a larger screen, those developers will need to start gearing up to adjust their apps accordingly. The iPhone 5 came out with a longer screen that was the focus of the iOS 7. It's unclear if the new iPhone will be tall or wider to accommodate a larger screen. However, these are questions that the company would do well to answer for developers sooner rather than later.