Apple (2)
The Apple Inc corporate logo is pictured on the rear side of the company's Macbook Air notebook computer in Virginia, August 10, 2011. Reuters/Jason Reed

Apple received two price-target increases on Tuesday. This comes as the release of the much awaited iPhone 8 draws near.

Robert Cihra, an analyst at Guggenheim Securities, increased his price target from US$150 (AU195.7) to US$180 (AU$234.8), maintaining his buy rating on Apple stock. On the other hand, UBS also maintained its buy rating and raised the target on Apple shares from US$138 (AU$180) to US$151 (AU$196.9).

Steve Milunovich, of UBS, said augmented reality, expected to be the latest feature that will come as part of iPhone 8 in September, "could be a boost to Apple. "Our work suggests that AR could be the next major innovation from Apple and that its competencies could make the company a winner," Milunovich said.

"Industry sources are upbeat and anxious to see what Apple does. Investors could be surprised at how AR could reinvigorate the iPhone/iPad and possibly result in new products. We raise our price target to 151 based on improved upgrade and retention rates."

On Tuesday, Apple shares closed at 136.99 on the stock market – an increase of less than 0.1 percent. Last Thursday, the stock had reached its all-time high – 137.48.

According to Cihra, iPhone unit sales and the average selling price will witness a rise. In addition, he added, the iPhone 8 upgrade cycle could also extend as a result of the limited supply of new OLED displays. In contrast to one-year cycle of upgrades, it could be broadened to two to three years.

OLED technology and supplier Universal Display witnessed a rise in its shares, reaching 88.50, on Monday. On Tuesday, they fell by 2.8 percent.

Meanwhile, news has emerged that the tech giant may be giving away with the Lightning connector on the iPhone 8. This could be substituted with the industry's standard USB Type-C connector, as reported by the Wall Street Journal on Tuesday. As noted by CNBC, Apple has joined the Wireless Power Consortium "to be able to participate and contribute ideas to the open, collaborative development of future wireless charging standards.”

This week, several smartphone makers will be exhibiting their latest sets at the Mobile World Congress trade show in Barcelona. The bar for the latest phones from Samsung and Apple has been set low, according to analysts at Nomura Instinet. "The bar is low for the GS8 and iPhone 8," Nomura Instinet said. "Huawei's P10 offers a much better Leica dual camera, LG's G6 is utilitarian, the Moto G5 is midrange, and the BlackBerry OneKey is niche."