Munster Sees Lower-Priced iPhone Selling at $149-199, Says Device Could Add $6.5B in '13 Sales for Apple

Responding to a WSJ report from Tuesday evening which suggest Apple (NASDAQ:

) could be working o n a cheaper-priced iPhone model, Piper Jaffray's Gene Munster said Wednesday morning the range would likely be between $149 and $199 without a contract. Munster predicts the lower-priced model could carry around 30 percent gross margin. The analyst is modeling for a cheaper iPhone to add about $6.5 billion in sales over the course of 2013. Munster sees 30 basis points of gross margin dilution related to such a device. Piper Jaffray currently has an Overweight rating and $900 price target on shares of Apple.