Apple iPad 4 Box 2

Ming Chi Kuo, an analyst with KGI Securities with a rather solid Apple prediction track record, recently sent a note to investors describing the iPad 5. Kuo said he believes the device will be 15 percent thinner than the current fourth-generation iPad and 25 percent lighter. That's in line with other rumors and leaks that suggest the device will adopt an iPad mini-like industrial design, too.

"We think the tablet will, at 7.5-8.0mm, be 15% thinner than iPad 4," Kuo said in his note, obtained by MacRumors. "The new device will likely be about 500 grams, or some 25% lighter than iPad 4, run on an A7X processor, and sport cameras with similar specs to the iPad 4's (front HD, rear 5MP). The casing shape and color (silver and black) and narrow bezel design will be similar to the iPad mini's."

There's a drawback to the thinner design, however. Kuo believes the iPad 5 will have a thinner but smaller battery than the fourth generation iPad. That's not necessarily a bad thing if Apple's able to optimize battery life in other areas of the device, but it could mean shorter battery life if it's not able to execute on optimizations.

Kuo believes Apple will begin producing the device in late summer or early fall.