JP Morgan has moved to dismiss its own previous claims that Apple will release an iPhone nano within months.

Kevin Chang, a JP Morgan analyst in Taiwan made the claims yesterday - but now the US branch of the firm doesn't agree.

Despite the apparent confusion, Apple shares climbed to a new record high as investors bought into the speculation yesterday.

Chang had claimed Apple to be preparing to release a iPhone nano - a smaller, thinner, less well-featured version of the device - by the end of this year.

JP Morgan's US senior analyst Bill Shope rejected these claims, saying Chang's sources hadn't been verified, and observing that Apple hasn't historically conducted its business this way.

"We believe a near-term launch would be unusual and highly risky. It took Apple over two years to launch its first low-end iPod (the iPod mini)," Shope said.

"Not all consumers want a combined phone and music player, so Apple is likely to keep the iPhone and iPod as distinct business segments for as long as this makes economic sense."

Shope believes the next iteration of Apple's must-have product line is most likely to simply add 3G wireless access, rather than move to a new form factor.

He also rejected the notion that Apple would replace its successful iPod nano with a new product. "We struggle to understand why Apple would abandon one of its most successful product lines with a carrier-centric low-end phone," he said.

However, a report published by The Times since this story first appeared now sees JP Morgan standing by its original analyst statement - a somewhat confusing state of affairs. You can read the company's current position here.