Though some reports have claimed the iPhone 8 will cost up to $1,200, analysts with UBS don't believe that's a likely scenario. A new report from the firm says the handset is going to max out at $1,000 for a 256 GB model. It'll start in the $900 range for 64 GB.

UBS only believes two storage options will be offered and it says a model costing more than $1,000 is "unlikely."

Apple tends not to price far from the high end competition. With the Galaxy Plus at $840 and the Note at [almost] $950, we think a $900 price tag for the base OLED model makes sense.- UBS

When evaluating the likely pricing breakdown for the device, UBS analysts Steven Milunovich and Benjamim Wilson ended up "questioning the logic" of a $1,200 model.

There seems to be a belief that Apple has to charge over $1,000 for the phone. We challenge this premise. The arguments we've heard for a $1,200 phone are, 'to manage supply constraints' and 'because the phone costs more.' Both are inconsistent with how Apple thinks about pricing.- UBS