NEW YORK (TheStreet) -- Shares of Apple (AAPL) - Get Report are declining 0.51% to $99.84 in pre-market trading on Tuesday as the company will likely take three years between full-model changes of its iPhone, Nikkei Asian Review reports.

This is a year longer than its current cycle.

In a typical two-year cycle, fall 2016 would see a major upgrade. But the changes to the model launching later this year will be minor, such as improved camera quality, Nikkei said.

The move is due to smartphone functions having little room left for major improvements and a slowing market.

Less frequent redesigns will significantly impact suppliers in Japan, Taiwan and other parts of Asia due to their heavy reliance on iPhone manufacturing, Nikkei notes.

The new iPhone slated for this fall will look very similar to the current iPhone 6, but functions such as the camera, water resistance and battery capacity will likely be improved.

(Apple is a core holding of Jim Cramer's charitable trust Action Alerts PLUS. See all of his holding with a free trialhere.)

Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.

The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, notable return on equity and expanding profit margins. We feel its strengths outweigh the fact that the company shows weak operating cash flow.

Recently, 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.

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

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