Apple is expected to release a special edition iPhone 8 this year to commemorate the 10th anniversary of the device. There have been many rumors about the price of the smartphone with some sources citing it could cost over $1000 for the entry level model. A new claim from UBS analyst Steven Milunovich confirms that the new model would come at a premium, but not as much that was anticipated beforehand. 

Milunovich says that the factory cost of the 64GB iPhone 8 will be $70 to $90 higher than the equivalent iPhone 7s Plus model. Judging by the analysis Milunovich claims the device will come with a price tag between $850 and $900. "Apple customers seem fine with paying more for products they feel are differentiated," Milunovich told CNBC, and noted that the OLED model could account for 45 percent of shipments in fiscal 2018.

One of the features that the new iPhone 8 is set to have is an OLED display. It was recently revealed by David Hsieh, senior director at research company IHS Markit, that the tech company had placed a huge order for screens of the device. "Apple has ordered 70 million units of OLED panels from Samsung this year, while Samsung is preparing to churn out as many as 95 million for Apple in 2017, in case demand exceeds expectations," Hsieh told Nikkei.

It is also rumored that aside from upgrades to the iPhone 7 and iPhone 7 Plus to the "s" version, the iPhone 8 will be a premium device called the iPhone "edition."