Jefferies Sees Apple's (AAPL) iPhone 5 Being Thinner, Sharper; Comments on iOS, iTV

Sometimes a look beyond a company is needed in order to get an idea of what it's going to do in the coming months. Like to its suppliers, for instance.

Jefferies issued a note Friday highlighting some potential moves for Apple (Nasdaq: AAPL) through the rest of 2012. The firm took information from suppliers and extrapolated it based on typical launches and market rumors.

• First up: the next iPhone. Apple supplier TPK issued commentary with quarterly results indicating a large customer might be moving away from its technology. With Apple working on the In-Cell display technology, the comments suggest integration into the iPhone 5 and a yield which has been good enough to shift away from TPK. This also hints at the iPhone 5 potentially being as much as 20 percent thinner than the current model, despite a larger 4-inch display. Oxide display technology might also garner the ability to increase DPI (which we assume is one-step short of cramming mini people into the iPhone...the only possible way to get better resolution).
  
  Jefferies is also looking for a ramp-up in September quarter builds to 50 or 60 million units.
  
  The firm is looking for an October 2012 launch of the iPhone, and initial sales of 15 million units in the third quarter of calendar 2012.
  
  
• Next: iOS 6 and iCloud 2. Jefferies is expecting an unveiling of iOS 6 at WWDC. Not only that, there should be a significant upgrade to iCloud which would bequeath it with syncing capabilities akin to Google (Nasdaq: GOOG) Drive. With Microsoft (Nasdaq: MSFT) SkyDrive and Google currently the biggest threat to iOS, Jefferies is expecting a larger screen to match capability and focus. Speaking of which...
  
  
• The Apple TV set. Jefferies noted as larger TV manufacturer from Samsung to LG and Panasonic curb expectations for 2012, panel suppliers have been seeing sequential improvement in glass demand. One company, AU Optronics (NYSE: AUO), said it is seeing new entrants and technologies in the works slated for a launch in the second-half of 2012. Time Warner Cable (NYSE: TWC) echoed the same sentiment.

The firm is looking for revs of $46.8 billion and EPS of $47.47 for fiscal 2012 and revs of $53.9 billion and EPS of $53.98 for FY13.

Jefferies maintained a Buy rating and $800 price target on Apple following the update.

Shares of Apple are lower on Friday's session.