Apple, Inc. (NASDAQ: AAPL) realizes that not everybody is thrilled to pay $600 for an iPhone. So today, according to Reuters, a JPMorgan Chase & Co. (NYSE: JPM) analyst announced that Apple will introduce a $300 nano iPhone.

The analyst, Kevin Chang, is based in Taiwan. His July 8th report cited people in the supply channel that he did not name and an application with the U.S Patent and Trademark office. He claims that in the fourth quarter Apple will introduce an iPhone based on the ultra-slim iPod Nano music player. (Apple filed a patent application document dated July 5 that refers to a multifunctional handheld device with a circular touch pad control, similar to the Nano's scroll wheel.)

Since 85% of U.S. cell phone buyers spend under $100, the pricey iPhone is not expected to take a big share of the cell phone market. But with its lower price, Chang believes that the nano iPhone would achieve 2008 sales of 30 to 40 million units.

Meanwhile, Chang suggested that a Taiwanese metal casing company, Catcher Technology Co. Ltd (TPE: 2472), could sell $183 to $244 million worth of metal cases for the nano iPhone in 2008.

If Chang is right, the nano iPhone could be great for Catcher and Apple shareholders.

Update: AppleInsider reports that the U.S. branch of JPMorgan Chase is disavowing Chang's report. Senior analyst Bill Shope noted that Chang's sources have yet to be corroborated and would contradict Apple's historical business approach of waiting until a new device becomes truly necessary for the market. Shope has a neutral rating on Apple stock. I think JPMorgan Chase needs to get its corporate act together!

Peter Cohan is president of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter.