Apple's (AAPL) - Get Report upcoming iPhone, the iPhone Pro a.k.a the iPhone 8, isn't going to be delayed but it will cost more due to higher production expenses, JPMorgan said in a note to clients on Wednesday.

The firm increased its expected average selling price for the 10th anniversary version of the smart phone to $1,100, a $100 increase from its previous estimate.

JPMorgan expects the device to launch on time, despite reports to the contrary citing all kinds of technical problems.

"Importantly, we do not believe that Apple's production schedule is still changing materially with most current delay reports simply dated reverberations of decisions Apple made back in the spring," the JPMorgan note said, according to CNBC.

"We expect a small amount of late September EMS [electronics manufacturing service] output for the Pro model and then ramping production through October with target output levels achieved in late October/early November," the note added.

Apple's shares rose 0.6% to $150.40 on Wednesday morning.

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