According to a new research note by Piper Jaffray analyst Gene Munster, Apple’s sales growth in 2012 is likely to be driven by two next-generation devices – the iPhone 5 and the iPad 3.

The earnings estimates in the report are based on the mid-year release of an iPhone 5, as well as forecasts for two different scenarios with regards to the iPad 3.

There have been rumors of an iPad Mini in development, which may represent a smaller and cheaper tablet device from Apple to counter low-cost offerings such as the $199 Kindle Fire from Amazon. If released, this will establish two distinct product lines for the iPad – a high-spec full-size tablet and a more entry-level device with a correspondingly lower pricepoint.

Current rumors surrounding the iPad 3 are pointing towards a retina display and twin-bar lighting system, with a screen manufactured by Sharp. Recent component leaks also suggest an internal redesign.

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