NEW YORK (TheStreet) -- Shares of Apple (AAPL) - Get Report were higher in pre-market trade on Monday as the new iPhone model will include features such as a dual camera and pressure-sensitive button, according to sources cited by Bloomberg.

Apple is planning to unveil the newest iPhone model as early as next month.

The Cupertino, CA-based company is also stepping away from the two-year redesign cycle with the new model that largely mirrors the looks of its predecessors, the iPhone 6 and 6S, Bloomberg said.

The new hardware features on the upcoming iPhone will advance the phone's photography capabilities with sharper low-light images and change the user experience with a pressure-sensitive home button rather than a push-button.

The newest model will lose the classic headphone jack in favor of Bluetooth connectivity, making space for a second speaker, sources told Bloomberg.

Although iPhone sales have waned in recent quarters, the company still relies on the product as a major source of revenue.

The tech giant expects the new iPhone models to be critical to the upcoming holiday season and for sales to boost the company ahead of an anticipated overhaul of the device in 2017 for the phone's 10th anniversary, Bloomberg added.

(Apple is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL? Learn more now.)

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings rated this stock as a "buy" with a ratings score of B.

The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, expanding profit margins and notable return on equity. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself.

You can view the full analysis from the report here: AAPL

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