Short-Term Price Target Update: The mean estimate for the short-term price target for the firm stands at $148.64, according to 42 brokers. The higher price target for AAPL is $200.00, while the lower price target is $85.00.

According to news report, This new, smaller iPhone could give the iDevice makers iPhone sales a shot in the arm in the back half of its fiscal year 2016.

There are a number of market watchers and investors who think there is a real risk Apple (NASDAQ:AAPL) will see its iPhone sales decline year over year during its fiscal year 2016. A key element of this thesis is that Apple saw oversized growth in the preceding fiscal year thanks to the iPhone 6/6 Plus, which satisfied pent-up demand for larger-screen iPhones, according to Fool

With the iPhone 6s/6s Plus, Apple has introduced a number of key features and upgrades contrast to the hugely successful iPhone 6/6 Plus, respectively. However, there is still considerable debate as to whether these devices will be enough to really drive year-over-year iPhone revenue growth.

I think Apple may have a proverbial ace up its sleeve to considerably boost the companys chances of posting another year of iPhone growth: the iPhone 7c. Fool Report

On the other report, Apple Inc (NASDAQ:AAPL), is testing five different iPhone 7 models with a range of prototype features, according to the latest round of rumours emerging from China.

G for Games reports that a source has posted details of the five handsets on Weibo, the Chinese equivalent of Twitter, and that each phone features new hardware technology. According to the report, Apple is putting each set-up through its paces to see what works best.

The prototype iPhone 7s features reportedly include wireless charging, a dual-camera system, fingerprint recognition technology embedded into the phones display, a new multi-force touch screen and a USB Type-C port, which will be compatible with headsets.

The iPhone 7 will ditch the traditional headphone jack in favour of using the lightning port for audio output, according to rumours circulating on the internet.

1) Apple will launch a couple of new iPhones in September 2016. This theory that Apple will push the launch forward to summer 2016 seems thin to us.

2) We expect a 4.7-inch phone (called the iPhone 7), and a 5.5-inch model (the iPhone 7 Plus). If Apple does make another 4-inch iPhone (which, thanks to the success of the larger iPhones, is by no means a certainty) then we think itll be called something like the iPhone 7 mini.

3) The iPhone 7 is likely to get a substantial physical redesign after the largely identical iPhone 6/6s generations. Its too early to know what direction Apple will pick, but its likely to be thinner than ever: putting the cut-down headphone socket patent into action would be one way to assist achieve this. Or even removing the headphone jack entirely, and forcing music fans to use wireless Bluetooth headphones, or headphones that connect via the Lightning port, or an adaptor.

4) Higher screen resolution is a possibility Apple undermined its own Retina is as sharp as your eyes can see myth with the iPhone 6 Plus, and the company is playing catchup against many of its rivals in terms of screen resolution. Apple may well take the higher pixel density that was exclusive to the iPhone 6 Plus and 6s Plus (401 pixels per inch, as contrast to 326ppi for all non-Plus iPhones), and apply it to all the models in the next generation; it could even raise the pixel density further than this, although we fear that this is unlikely. And a harder screen material would play well, whether Apple manages to resurrect the sapphire situation or goes with Cornings new Project Phire.

5) 16GB will surely be phased out as the lowest storage offering. Its nowhere near enough in this day and age. We hope and expect the iPhone 7 to start at 32GB, with 64GB and 128GB options.

iPhone 7 rumours: Design

Apple usually keeps the same design for two generations of the iPhone (the 4 and 4s, say, or the 6 and 6s), before unveiling a physical redesign on the next update. We expect the iPhone 7 to be fundamentally different in look and design to the two generations of iPhone that precede it.

Its possible that Apple will use different materials to make the iPhone 7 more durable. Before the iPhone 6 and iPhone 6 Plus were unveiled there was speculation that Apple would use Sapphire glass for the display and Liquidmetal for the chassis, and two generations later APple may be ready to unveil one or both of these upgrades.

Apple Inc. designs, manufactures, and markets mobile communication and media devices, personal computers, and portable digital music players to consumers, small and mid-sized businesses, education, and enterprise and government customers in the Americas, Europe, Greater China, Japan, and Rest of Asia Pacific.

Shares of Apple Inc (NASDAQ:AAPL), inclined 0.28% to $117.67, during its current trading session.