J.P. Morgan Chase predicts that Apple will break the cycle of three iPhones in 2020 by introducing a total number of 4 devices, out of which 3 would be high-end, and 1 would be the budget variant. For the high-end models, all three would have OLED displays and offer 5G capabilities. They will come in 5.4-, 6.1, and 6.7-inch flavors.
Our expectations include all three Sep-2020 iPhones (5.4″/6.1″/6.7″ screen sizes) will adopt OLED displays and 5G baseband modems (with support for mmWave frequencies), and at least two of the three models adopting world facing 3D Sensing (Time of Flight) driving industry leading AR/VR capabilities which can be leveraged by custom built applications (including games) — J.P. Morgan Chase
Additionally, the report suggests that Apple will equip these 2020 iPhones with 3D sensing technology on the back as well, similar to those found on the front. This would boost total iPhone sales in 2020 to a predicted 195 million devices, up from an estimated 180 million this year.
As far as the budget iPhone is concerned, the report suggests that it might have the same size as the iPhone 8, and will lack the 5G modem as well as the OLED display.