The tenth anniversary version of Apple's (AAPL) - Get Report iPhone, the iPhone 8, is due out later this year and UBS is predicting that the device will start at $870 and could go up to as much as $1,070 per smartphone.

UBS is also forecasting that the newest iPhone will make up 45% of Apple's sales next year, Business Insider reports. Apple is believed to be preparing two updated models of the iPhone 7 and 7 Plus in addition to the redesigned iPhone 8.

"Assuming that the OLED model constitutes 45% of sales, we estimate the [iPhone average selling price] could be $730 ($783 bull, $664 bear)," UBS wrote, BI added.

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